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5 Reasons you may not Qualify for an SBA Loan

Wednesday, May 20th, 2020

5 Reasons you may not Qualify for an SBA Loan

If you’re trying to find capital to finance beginning or growing your enterprise, you’ve most likely found out about SBA loans. Loans which are supported by the U.S. Small company management (SBA) are appealing for small enterprises since they provide a selection of loan sizes, very long repayment terms, & most notably, low-interest rates. Though some alternate company loan providers charge because high as 80 percent APR, you may get an SBA-backed financial loan for approximately seven per cent APR, according to the quantity you’re trying to borrow as well as for just how long.

Therefore what’s never to like about SBA loans? Regrettably, it could be tough to get authorized. Numerous organizations that are looking for SBA loans have turned away by banks for starters reason or any other. Here are the five reasons that are main SBA loan candidates have rejected, and a review of your options.

1. Your organization is completely new or hasn’t launched yet

Many banking institutions will likely not issue SBA loans to brand new companies. (more…)