"How long does the SBA loan approval process take?"
The approval process for SBA loans typically takes anywhere from a few weeks to a few months, depending on the loan type, business complexity, and the completeness of the application.
"What are the interest rates and terms for SBA loans?"
SBA loan interest rates are generally lower than conventional loans due to government backing. Rates vary depending on the loan type, amount, and term length, with fixed or variable options available.
"What are the eligibility"
To qualify for an SBA loan, businesses must be for-profit, meet size standards (usually fewer than 500 employees), demonstrate the ability to repay the loan, and provide necessary documentation such as financial statements and tax returns.