Small Business Administration Loans (SBA) are generally the least expensive financing option for small business owners. The SBA 7(a) loan is the Small Business Administration’s most popular product and offers a flexible sum of cash that can be used for anything from managing daily operations to purchasing new products and refinancing high-interest loans.
LVRG offers SBA 7(a) loans up to $350,000 in the most streamlined and efficient way possible. And, you can have funds in as fast as 7 days after the application is completed!
- Loan amounts from $30,000 to $350,000
- 6.25% to 7.25% interest
- Pre-qualify in minutes
- Funds in as fast as 7 days after the application is completed
- 10 year term with no pre-payment penalty
Details on Minimum Qualifications:
- While there is no minimum credit score or revenue, most borrowers have a score of 650 or higher and make at least $50,000 annually.
- For loans smaller than $150,000, you should have an annual revenue of at least $120,000. For loans over $150,000, you should have an annual revenue of about $300,000.
- Each principal owner must personally guarantee the loan.
- No outstanding tax liens.
- No bankruptcies or foreclosures in the last three years.
- No recent charge-offs or settlements.
- Must be current on government-related loans.
Reasons to Apply for an SBA Loan:
- Least Expensive Financing - It would be tough to beat the low rates of SBA loans. SBA is an excellent option for small business owners looking to keep financing costs down.
- Great Financing for Growth - If your primary goal is to grow your business, getting an SBA loan is an excellent way to reach that objective. You get the funds you need on manageable terms.