The Small Business Administration (SBA) is not a direct lender, but rather a federal government agency that works with local lending institutions, such as your nearest bank, to guarantee loans.

The most popular Small Business Administration (SBA) Loan program is the 7(a) loan program, which guarantees a maximum of $5 million in loans to be used for nearly any business purpose.
Should I consider an SBA loan?
While the SBA makes it easier for small business owners to obtain term loans from traditional banks, for those seeking smaller loan amounts, a direct lender such as Signature Small Business Loans may be a better option. SBA loans require a good deal of time and effort to obtain, and require proof of the business owner’s financial stability. Personal credit score, collateral, and years of financial statements are required to apply for an SBA loan.
Further, if you need funding fast, an Small Business Administration (SBA) Loans program may not be ideal – the application and funding process could take up to 3 months. Check out the chart below to see how Signature Small Business Loans compares.

Compare Us: Small Business Administration (SBA) Loans

 

SBA Loan

 Signature Business Loans

Documentation:
  1. Multi-page sba loans application
  2. Previous 3 years of income statements and business balance sheets
  3. 2-year projected balance sheets and income statements
  4. 12 months of projected cash flow statements
  5. Previous 3 years of personal and business tax returns
  6. Business plan
  7. Accounts receivable aging report
Documentation:
  1. One-page loan application
  2. Previous 3 months of bank statements
  3. Previous 3 months of credit card statements
Average SBA Loans Application Time
2-3 months
Average Signature Small Business Loans Application Time
Decisions in minutes; funding in as little as 1 business day
Average Term
60 months
Average Term
12 months
For businesses that qualify, a Signature Small Business Loans loan is a faster and easier way to obtain needed funds. However, if your business requires over $250,000 and requires a payback period over years instead of months, the SBA offers a plethora of options to support your small business and provide the funding you need.