SBA – Small Business Administration
What is an SBA?
An SBA is a loan which is 75% backed by the government and 25% backed by the lending institution that services the loan. It is a standard simple interest, monthly payment and the rates are the lowest you will find when it comes to business loans.
Typically the rates are in the low 6% range, the rates are derived from Prime Rate + a margin.
How does it work?
Hybrid Term Loan
What is a Hybrid Term Loan?
A Hybrid Term Loan is a simple interest loan but could either be a weekly or monthly payment. These loans are underwritten using algorithms to streamline the process so funding can occur within just a few days.
How does it work?
It’s a standard simple interest loan but could have either a weekly or monthly payment.
How long does it take?
Typically it takes about 3 -4 days from start to fund, the underwriting method helps speed up the process.
Who does this make sense for?
A business that is new or had minimal poor profits 2 years prior but on the most recent return shows a solid level of profitability. It’s also a way to get a simple interest monthly payment with less hassle if you willing to take a higher interest rate.
How do I know if I qualify?
We collect the most recent year business and personal tax return, 6 months bank statements and application for submission. You need to show modest profitability on your tax returns to be approved. Rates will range from 10% – 23% fixed, simple interest.
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