What Type of Small Business Loan Do You Need?

Every business is unique, from its size to operating costs to credit histories. Finding, applying for, and securing the right loan for your business will depend on these factors and many others. So

Basic 7(a) SBA loan. These loans are guaranteed by the SBA, but issued through approved lenders. Because they are guaranteed by the SBA, 7(a) loans are relatively easy to qualify for. You can receive up to $750,000, but you will probably be required to personally guarantee the loan.

504 SBA loan. If you have solid assets and can show how your business will create jobs in the community, consider a 504 loan. These loans are offered directly through approved local economic development agencies. The financing agency is limited to 40 percent of the project, not to exceed $1 million. Where Can You Get Help Before Applying for an SBA Loan?