The SBA 7(a), SBA 504, and SBA Express each over installment loans that are repaid on a fixed monthly payment schedule. The SBA Express also offers a line of credit product also on a monthly repayment schedule.
An SBA 7(a) loan can term out to 25 years, while the SBA 504 offers 10, 20, 25 year terms. The SBA express can stretch from 5 years to 25 years.
First, decide which SBA loan program you plan to apply for funding. Then make sure you meet the basic eligibility requirements for the program. Find an affiliated SBA lender that is a match for that SBA program. Gather your documents and submit your SBA loan application. This can take up to 30 days to clear this process.
Once your application has been processed and reviewed by the affiliated SBA lender, it will submit the file to gain a commitment letter from the government. This process can take between 30-45 days.
Once the commitment is received. The lender will schedule a closing, work to secure the collateral against the business and disperse funds to the business. This process can take between 7-14 days.