Understanding more about loans backed by the Small Business Administration (SBA) can help you decide if an SBA loan is the right solution for your business.
SBA loans are provided by Bank of America
When you apply for an SBA loan, you do so through a financial institution like Bank of America. While we’re providing the actual loan, the SBA is guaranteeing a portion of that loan, which enables you to get access to capital with more flexible terms.
SBA loans are available for a variety of purposes
The SBA’s various loan programs can enable you to finance commercial real estate, ground-up construction, equipment acquisition, business acquisition, partner buyout, tenant improvements and working capital. The program that’s right for you (504, 7a or express) will depend on your business’s specific need.
SBA loans offer more flexible terms
SBA loans are designed to be flexible so you can obtain financing with longer terms (up to 25 years) and lower down payments (as little as 10%).
We make applying for an SBA loan easy
A Bank of America SBA specialist can advise you on choosing the right SBA program for your specific capital needs and will guide you step–by–step through the application process.
The SBA application package typically includes a personal financial statement, three years of business and personal tax returns, the SBA–required forms, information about all owners and an explanation of how a loan will help the business.
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