What is the SBA?

If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that provides small businesses with a variety of finance programs. The SBA can help facilitate a loan for you with a third-party lender.

Many people opening a new business may not yet be familiar with the SBA. It’s an agency backed by the federal government that helps entrepreneurs and small business owners access starting capital, and under some conditions approval is guaranteed. In order to help people start or expand their businesses, the SBA partners with a network of lenders to help provide loans, contracts, and other forms of financial assistance.

SBA Loan Basics

If you’re a small business owner having trouble qualifying for a traditional loan, the SBA offers various different loan programs, each designed for a specific purpose.

If you’re starting or expanding your business, consider the following loan programs:

Basic 7(a) Program
Certified Development Company (CDC) 504
Microloan

If your business has suffered an economic loss or physical disaster, consider a:

Disaster Loan
Veteran and Military Community Loan

In addition to those programs, there are also:

Export Assistance Loans
Special Purpose Loans

How First Bank SBA Can Help

A lot of business owners just starting out use the First Bank SBA option so they can stop worrying about money and focus on work. Here are the ways our SBA loans help you get off the ground:

Acquisition
There’s often less risk involved when acquiring a business than if you’re starting from scratch. First Bank gets you the financing you need while providing guidance worthy of an acquisition partner.
Refinance Debt
For business owners who are refinancing, First Bank will properly evaluate your loan and give you the best plan moving forward.
Succession
Whether you’re taking over the family business or buying into a new opportunity, First Bank provides business owners with clear guidance and thoughtful planning.

Need help figuring out which loan program best fits your financing needs? Talk to the experts at First Bank to discuss loan types and SBA lenders in your area and to get the application process started right away.

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Sources:

Small Business Association: sba.gov/loans-grants/see-what-sba-offers/what-sba-offers-help-small-businesses-grow

SBA.gov 7(a) program: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-program-eligibility

SBA.gov: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/loan-programs

Loans Subject To Approval

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What is the SBA?

Ready to talk to an expert?

What is the SBA?

SBA Loan Basics

How First Bank SBA Can Help

Ready to talk to an expert?

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