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Eligibility for an SBA loan generally depends on factors like your business type, size, purpose of the loan, and creditworthiness. SBA loans are typically for small businesses operating in the U.S. that meet specific size standards and demonstrate a need for funding that they can't obtain from conventional lenders. The SBA doesn't lend money directly but guarantees a portion of loans made by approved lenders.

The timeline for SBA loan approval can vary significantly. While some smaller loans might be processed relatively quickly, often within days or weeks, larger or more complex applications can take longer, sometimes several months. Factors like the completeness of your application, the lender's processing times, and the SBA's review process all influence how fast you can get approved.

You'll typically need a comprehensive set of documents for an SBA loan. This usually includes detailed financial statements (profit and loss, balance sheets, cash flow statements), business tax returns for the past few years, personal tax returns, a business plan, and information on collateral. Your specific loan type and lender will dictate the exact requirements.

Yes, there are fees associated with SBA loans. These can include an upfront guarantee fee paid to the SBA, lender origination fees, and sometimes ongoing servicing fees. The exact costs depend on the loan program and the lender. We can help you get a clear understanding of all potential fees when you call for your free estimate.