SBA programs range from short-term working capital to long-term financing, and some loans can even be used to refinance debt! There are short-term loans as well as long-term loans.
Small business loans can be an important factor in your success as a business owner. Traditional banks aren’t your only option now. From SBA loans to business lines of credit to invoice based financing, you have access to get the best financing for your small business.
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Normally, you can get business loans from the SBA to fund business expansion. For example, you might take out an SBA 7(a) loan or an SBA 504 loan to purchase real estate, machinery, or equipment. You can even apply for an SBA Express loan, which guarantees a response within 36 hours.
However, the SBA also provides low-interest loans to small business owners, non-profit organizations, homeowners, and renters after a disaster. These loans can be used to repair or replace property damaged during a disaster, such as a hurricane or earthquake.
Businesses in a declared disaster area can receive up to $2 million to repair or replace real estate, machinery, equipment, inventory, leasehold improvements, or fixtures. An SBA Disaster Loan for businesses is designed to cover losses not fully covered by insurance. SBA Disaster Loans are intended solely for recovery efforts; they can’t be used to upgrade or expand your business.
Homeowners or renters can get a loan for up to $200,000 to repair or replace your primary residence, or to make structural improvements to lessen the impact of future disasters. Renters and homeowners can also borrow up to $40,000 to repair or replace personal property, including vehicles, furniture, and appliances.
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