SBA Loans Are Here to Stay: Recognize Your Alternatives
SBA loans have helped small businesses all across the country stay in business and remain open during the COVID-19 pandemic. SBA loans are here to stay, meaning you can apply and qualify for an SBA loan today. SBA loans are a great alternative to traditional loans. As an SBA CDC in Virginia and North Carolina , 504 Capital is here to explain the different types, benefits, and limitations of SBA loans. What are SBA Loans? SBA loans are small business loans that are given by certified development companies and backed by the government’s small business association. These loans can be used by small businesses looking to purchase fixed assets or establish operating capital. Even now, during the COVID-19 pandemic , SBA loans have helped many small businesses stay afloat and remain open. Different Types of SBA Loans There are three different types of SBA loans that small businesses can apply for. There are 7(a) loans, 504 loans, and microloans. SBA 7(a) loan amounts can reach up to $5 mil