The US Small Business Administration (SBA) offers a range of different loans that are designed to help businesses in various different stages – from start-ups to larger enterprises that may have fallen on hard times. Finding out exactly what the SBA has to offer is always a wise move – especially if your applications for bank loans with commercial lenders have been turned down to date.
SBA loans aren’t handed out directly by the US Small Business Administration. Instead these loans are granted by private sector lenders such as banks and credit unions – the SBA stands behind you as a guarantor for the loan, should you end up defaulting on the sum owed. In order to obtain an SBA loan, you should get in touch directly with private sector lenders and ask whether SBA loans are something that they offer.