We receive a considerable amount of questions, asking where is the best place to apply for an SBA loan in Metro Detroit. Some folks are confused, what an SBA loan actaully is. So, let's start with the basics. An SBA loan is a government-guaranteed small business loan that has a long-term and low-interest rates. The Small Business Administration (SBA) is the government agency that partially guarantees SBA loans and was founded in 1953 to support small business owners across the United States. The most common misunderstanding about these loans is that the agency lends money directly to small businesses. However, the agency does not make direct loans. The SBA provides a guarantee on the loan, promising to reimburse the bank for a certain percentage of your loan if you default on that loan. This guarantee lowers the risks to banks and other lenders, encouraging them to offer these loans to more American small businesses. Many banks and other financial institutions in Metro Detroit offer SBA loans, but their process, requirements and fees can vary.
Where is the best place to apply for an SBA loan in Metro Detroit?
We'll give you a clue..... It's NOT a Metro Detroit bank! In the not-so-distant past, small business owners in Metro Detroit had one option when looking to secure an SBA loan – walking into a bank. However, many businesses might not know that while one bank may say 'no', another bank will say 'yes' to the same potential borrower. Technology now gives Metro Detroit small business loan seekers the ability to find an SBA loan provider online that is a good fit. In fact, SmartBiz has created the first online marketplace of Preferred SBA lenders for small businesses in Metro Detroit. With multiple banks with varying credit requirements on their platform, they've been able to secure loans for many applicants who were initially rejected by their local Metro Detroit banks. What’s their secret? It’s no mystery - their sophisticated software allows them to match borrowers with the bank most likely to approve and fund their loan. Don’t waste your time bank going from bank to bank. SmartBiz does it for you quickly and efficiently. Small Business Owners in Metro Detroit who fit the criteria of an SBA loan are loving this, and you will too!
Revolutionizing SBA Lending
SmartBiz marketplace helps increase approval rates by automatically directing Detroit businesses to the right lender, while its advanced software streamlines the SBA loan application, underwriting and origination process. In this way, SmartBiz fills a critical gap in the Metro Detroit small business loan market and enables Detroit's established brick and mortar businesses to access SBA loans, quickly and efficiently.
We have formed a strategic partnership with SmartBiz, to give small business owners throughout Metro Detroit the ability to apply, "and qualify" for SBA loans in quickest, most seamless way possible.
SmartBiz SBA guaranteed loans offer:
- Interest rates from 6.25% to 7.25%
- Loans from $30,000 to $350,000
- Low monthly payments with no prepayment penalty
Fast and Easy Process
- Pre-qualify in minutes
- Easy online application
- Funds as fast as 7 days after application is complete
If you are an established small business in Metro Detroit and would like to learn more, click here or the button below. Trust us, you'll thank us later!