The SBA Advantage
-
6%
Interest
rate -
10 year
Term for low payments
-
$350,000
Loan amounts to $350,000
SBA 7(a) Business Loans are government backed loans guaranteed by the U.S. Small Business Administration that feature the lowest rates and best terms. While many lenders will pressure clients into expensive merchant cash advances (or daily ACH loans) because they are fast and require little documentation, at Fidelity Business Advisors we believe that our new electronically streamlined SBA lending process should be evaluated first, since it's nearly as fast and usually costs less than a quarter of alternative business financing options. For this reason, we have partnered with SmartBiz to offer our clients a completely web-based SBA loan funding platform. The benefits of our SBA loans include:
- 5 minute online pre-qualification
- Receive funds in as little as 7 days
- 10 year term
- No prepayment penalty
- Simple interest at 6%
- Very low documentation requirements
- Monthly payments (not daily)
- Completely online application
SBA Loan Cost Comparison - $100,000 Example
| SBA Loan | Peer-to-Peer Loan | Alternative Bank Loan, Non-Bank Loan and Cash Advance | |
|---|---|---|---|
| Interest Rate | 6% | Typically 10% to 36% | Typically 30% to 80% (with fees can be even higher) |
| Payments for $100k loan | $1,110 per month for 120 months (can be paid off early with no fee) | Typically about $10,000 per month for 12 months | Typically about $12,000 per month for 12 months (may require daily payment) |
| Term | 120 months | 12 to 36 months | 3 to 24 months |
| Application | Easy | Easy | Easy |
| Documentation | Low streamlined online | Medium in-person | Low |
| Funding | As fast as 7 days though timing depends on size of loan | Typically 1-2 weeks | Typically within 1 week |
| Collateral | Typically non-collateralized. Personal guarantee required. | May require collateral plus personal guarantee. | |
Get pre-qualified in just minutes by clicking below
Apply for a SBA loanThe SBA Advantage
Who is eligible for a SBA Loan?
Many small businesses are eligible for a SBA Loan. Following is a summary chart of eligibility requirements.
| Category | SmartBiz Eligibility Summary |
|---|---|
| Business Requirements |
|
| Cash Flow |
|
| Business Owner Personal Credit |
|
| Public Records |
|
| Specific SBA Criteria |
|
What can I use my funds for?
Funds can be used for a variety of purposes depending how much you're borrowing.
| Loan Amount | SmartBiz Eligibility Summary |
|---|---|
| $5,000 - $25,000 loans |
Working capital (including business expansion, hiring, inventory, marketing, operational expenses, equipment purchases, etc.; However, more than $10,000 of the proceeds cannot be used for construction |
| $26,000 - $150,000 loans |
Working capital, business acquisition, and business debt refinancing not secured by real estate (including cash advances, business credit cards, equipment leases, business lines of credit, etc.) |
| $151,000 - $250,000 loans |
Working capital, all business debt refinancing including debt secured by real estate, real estate purchases, and business acquisition (loan proceeds for real estate refinancing and real estate purchases can only be used when the business occupies 51% of the premises) |
| $251,000 - $350,000 loans |
Working capital, business debt refinancing not secured by real estate, and business acquisition |
