If you’re thinking to apply for a Small business loan in MN, you must be having the best SBA loan product on your table. Just to let you know, there are many types of loans available for small business owners and each loan has its limitation i.e., for which purpose you can use the cash, how much loan you can get, how quickly you can get the cash, etc. and you also need to meet the loan approval requirements.
If you can qualify, you’ll find SBA loans come with many benefits over another type of small business loan:
1. Low-interest rates –
SBA loan interest rates are essentially low. It depends on your qualification and your account credibility. You can get SBA loan at a rate as low as 6.75%. Moreover, the rate will remain fixed throughout the period, you won’t be seeing your rates climbing to double.
2. Repayment terms –
Most small business loans in Stillwater require you to return payments within a month or three. This is not a case with SBA loans. You generally get up to seven years to return the capital. This flexibility allows you to use a loan for the growth of your business.
3. Capital availability –
With SBA loans, you can borrow up to $5.5 million through the 7(a) loan program. This means you can borrow a huge amount of money with SBA loans. This is only possible as SBA works with lenders – mainly banks – that guarantee up to 85% of your borrowed amount.
4. Access to SBA resources –
The main role of SBA loans is to promote the growth of businesses by offering capital and education. Some SBA loans offer access to a network affiliated by small business administration providing valuable training and mentorship.
These are some of the benefits of choosing SBA loans over other loans for your small business. Want to know more about SBA loans, you can visit any bank in Stillwater.
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