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New SBA Tool Helps You Find Loans For Your Business
New SBA Tool Helps You Find Loans For Your Business

New SBA Tool Helps You Find Loans For Your Business

1 minute, 20 seconds Read

THERE’S A NEW WAY TO FIND MONEY for business and real estate from the Small Business Administration (SBA). It’s called Lender Match.

Here’s how it works.

  1. Describe your needs. Answer a few questions about your business in as little as five minutes.

  2. Get matched in two days. Access a curated list of lenders who express interest in your loan.

  3. Talk to lenders. Compare rates, terms, fees, and more.

  4. Apply for a loan. Submit loan applications and paperwork. You’re well on your way to securing a business loan!

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Get Ready

Before you start talking to lenders, have a look at the abbreviated checklist below to see if you’re ready for a traditional SBA loan.

  • Business plan. Most lenders expect a business plan when you apply for startup funding. If you need to create one, follow our free business plan guide.
  • Amount and use of funds. Know how much capital you need and how it will help your business. You can’t use an SBA-approved loan to flip a house.
  • Credit history. Lenders use credit scores to determine credit risk and interest rates. SBA helps guarantee some loans that otherwise may not qualify.
  • Financial projections. Show you understand your business’ finances, how the funds will be used, and how you’ll pay back the loan.
  • Collateral. Many lenders require you to use another asset to guarantee your loan. This can be a home, car, inventory, or other property you own.
  • Industry experience. Industry experience isn’t required, but it’s helpful. Firsthand knowledge about your industry can make your lender feel confident about making a loan.

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