SBA Loans
SBA-backed funding with low interest rates and great terms.
Simple online application process and approval.
Designed specifically for small business growth.
- Borrow $5,000 to $5,000,000
- APRs as low as 5.75%
- Funding in as little as 3 weeks
- Longest term lengths
- Lowest down payments
Won’t impact your credit
Rated
on Trustpilot
Business owners love us because we treat them like family and have a low documentation process.
Easy application
Your time is valuable. Our online application takes just a few minutes and you get instant approval.
Dedicated SBA loan experts
Your Configure Capital advisor does all the paperwork and you get funded with the most favorable loan terms.
What Is an SBA Loan?
An SBA loan is a small business loan through the U.S. Small Business Administration (SBA) that allows business owners to get financing through an SBA lender. The agency doesn’t fund you. Instead, the SBA guarantees your loan amount up to 85% with the lender.
The two most popular SBA loan programs are the 7(a) and Microloans. Both provide working capital at the lowest industry APRs and long-term repayment lengths. The SBA 7(a) allows a maximum loan amount of $350,000, while Microloans range from $500 to $50,000. You can learn more about loan options at SBA.gov.
The main downsides to SBA loans are the amount of paperwork needed and the longer application process than short-term business loans. Configure Capital can help you through the process and find the ideal lender match.
Benefits of SBA Loans
While securing an SBA loan is a lengthy process that requires quite a bit of paperwork and time, it’s one of the best ways to fund a business or refinance existing debt. The capital you get from an SBA loan can be used for all business purposes, including buying equipment or inventory, refinancing existing debt, or opening a new location.
Low Down Payments
Since the SBA partially backs the financing, borrowers have the lowest down payment requirements. The average down payment for SBA 7(a) loans is 10% of the total amount.
Federally Guaranteed Up to $5M
The SBA provides a guarantee to the lender for up to 85% of the total loan amount. This mitigates the risk for lenders to lend you the working capital needed.
Long Term Lengths
The five- to 25-year loan term lengths offered by SBA loans are usually the longest compared to traditional financing options. The longer repayment terms allow business owners to make monthly payments at a slower pace.
Low Interest Rates
Starting at prime rates of 5.75%, SBA loans offer good APR rates through its approved banks and lending partners. They can have fixed rates or variable rates. Configure Capital helps you navigate the approval process to secure the best loan possible.
Capital Can Be Used for Any Business Purpose
The financing secured through an SBA loan can be used for various business needs. Buying real estate, equipment purchases, consolidating existing business debt to a lower interest rate, or other common business financing needs are appropriate for this type of loan.
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Minimum Requirements
Here are the basic requirements to qualify for an SBA loan. Even if you have less-than-stellar credit scores, your Configure Capital advisor will guide you through it.
$10,000 in monthly revenue
Your business must be earning at least $10K per month in a business bank account.
500+ credit score
You can get approved with any credit rating. But keep in mind that the better your score, the better loan terms we can secure for you from an SBA lender.
At least 6 months in business
Your company should be operational for at least six months. This shows SBA lenders that your business model is sustainable and can grow.
Have a business bank account
Your Configure Capital advisor will need three to four months of your most recent bank statements to verify income.
Small Businesses ❤️ Configure Capital
Configure Capital made the SBA process so simple!
I’d heard about SBA Loans but didn’t know where to start. That’s when I found Configure Capital. The team there made the entire process feel like a breeze. They guided me step by step, ensuring I understood everything. Now, thanks to them, I’ve got the cash my shop needed. Honestly, I can’t thank their team enough for their patience and guidance.
Kobal M
Adam saved me so much time doing the paperwork
Was nervous about the whole SBA loan thing, but Adam at Configure Capital was awesome. He walked me through everything, and now I’ve got the funds to expand. Big win for me and a big thanks to Adam!
Henry E
Super easy to get approved
Big shoutout to Configure Capital! Needed an SBA Loan for my garage, and they made it super easy. More tools, more business, and it’s all thanks to them. No crazy jargon, just straight-up help and solid loan terms. My business doing great now!
Young Lu.
What Are SBA 7(a) Loans?
The agency’s most popular financing option is the SBA 7(a) loan. The SBA created the 7(a) to level the playing field for small businesses to secure working capital from commercial lenders.
A startup business that wouldn’t have the cash flow history to secure a traditional loan can be eligible to secure an SBA loan since it’s partially guaranteed by the federal government (up to 85%).
- Average interest rates: 5% to 10%
Maximum loan amounts:
Standard – $5 million
Small Loan – $350,000
SBA Express Loan – $500,000
Export Express – $500,000
Export Working Capital – $5 million
International Trade – $5 million- Term length: 10 years for working capital loans, 25 years for real estate loans
- Minimum credit score needed: 640+
- Down payment: 10% to 20% of the total loan amount
Pros
- Backed by the SBA up to 85%
- Long term lengths
- Capital can be used for any type of business expense
- Competitive interest rates
Cons
- High paperwork and documentation requirements to apply
- The time to get funded is long compared to traditional loans
- Requires a down payment
- Some collateral is needed to secure a loan
What Are SBA Microloans?
The SBA Microloan program is designed to provide funding to nonprofit lenders that provide financing to for-profit businesses. Compared to 7(a) loans, SBA Microloans have a maximum financing amount of $50,000 and aren’t guaranteed by the federal agency.
- Average interest rates: 8% to 13%
- Loan amounts: Up to $50,000
- Term length: Up to 6 years
- Minimum credit score needed: 575+
- Down payment: Not required
Pros
- Great financing option for underserved business owners like women, veterans, and minorities
- Business owners with limited credit history can qualify
- Low interest rates
- Longer term length compared to traditional loans
Cons
- High paperwork and documentation requirements to apply
- The time to get funded is long compared to traditional loans
- Requires a down payment
- Some collateral is needed to secure a loan
Alternatives to SBA Loans
Here are common alternative funding options that we’ve provided business owners. Your loan adviser will guide you through all options so you can make the best decision.
You deserve low rates and an honest SBA lender who has your back.
SBA Loan Use of Funds
SBA Loans are here to help your business grow in many ways. You can use the money for all sorts of things, big or small. Here’s a short list of what you can do with the funds.
- Equipment needs
- Inventory and supplies
- Pandemic & coronavirus relief
- Refinancing debt
- Payroll & taxes
- Rent & utilities
- Business expansion
- Purchasing real estate
- Repairs & upgrades
- Leasing
FAQs about SBA Loans
Thinking about an SBA Loan for your business? It can be a bit confusing at first. We’ve put together some common questions and simple answers to help you out. Take a look below and see how it all works.
When will SBA loan funds be deposited?
On average, it takes around three to six months to receive funds, although the duration of the process depends on a number of factors. Things generally move slowly because the SBA has to work with banks and outside lenders to complete the transaction.
What can you use SBA disaster loans for?
Capital can be used for a wide range of business-related expenses. Common uses include startups, emergencies, real estate, mortgages, and buying equipment.
Who qualifies for an SBA disaster loan?
For COVID EIDL loans, small businesses, U.S. agriculture businesses with less than 500 employees, and nonprofit organizations can be eligible. The list of businesses eligible for funding becomes even more expansive for declared disasters.
However, at Configure Capital, we strive to provide you with funding whether you have excellent or poor credit. If you have questions about your credit history, call us and talk to an advisor to explore your options.
How long does it take to be approved for an SBA loan?
The SBA loan application process tends to be drawn out and paperwork-heavy. Lenders will want to carefully review all documentation to make sure all financial statements, tax returns, and eligibility criteria are met to limit the risk of default.
Types of businesses we fund
Configure Capital provides SBA-backed funding to any business located in the United States. Here’s just a few of them:
Ready to get the SBA process started?
Apply for an SBA loan today, and let us help you streamline the approval process. No obligation and prequalify without affecting your credit score!
