SBA Express Loans Are Available
Here are some of the things you need to know when applying for an SBA loan:
- Eligibility: To be eligible for an SBA loan, you must meet certain requirements, including being a for-profit business, being located in the United States, and having a good credit history.
- Types of loans: There are several different types of SBA loans, each with its own eligibility requirements and interest rates.
- Application process: The application process for an SBA loan can be complicated, so it is important to work with a lender who is familiar with the process.
- Approval time: The approval time for an SBA loan can vary depending on the type of loan and the lender.
- Repayment terms: The repayment terms for an SBA loan can also vary depending on the type of loan.
- Interest rates: SBA loans typically have lower interest rates than traditional bank loans.
- Fees: There may be fees associated with applying for and receiving an SBA loan.
If you are considering applying for an SBA loan, it is important to do your research and understand the terms of the loan before you apply. You should also work with a lender who can help you navigate the application process.
Here are some of the documents you will need to provide when applying for an SBA loan:
- Personal financial statement: This statement will show the lender your financial situation, including your income, assets, and liabilities.
- Business plan: This plan will show the lender your business goals and how you plan to achieve them.
- Tax returns: The lender will need to see your tax returns for the past three years.
- Bank statements: The lender will need to see your bank statements for the past two months.
- Other documentation: The lender may also ask for other documentation, such as a copy of your lease or insurance policies.
Tups Capital will use this information to assess your eligibility for a loan and to determine the terms of the loan.
Small Business Funding Resource
A budget-conscious way to access consistent working capital for your business, SBA loans are structured with flexible options that meet the individual needs of small business expansion and growth.
Frequently asked questions
What is a SBA Loan?
Small business loans refers to financial products that are specifically designed for small business needs. Typically used for working capital or business startup purposes, many small business loans are structured for the individual needs of the business such as expansion, or specific purchases. These types of loans are known to be associated with lower fees than traditional bank loans.
Is there a fee to apply?
No. TUPS Capital does not charge an application fee for small business loans.
How Can the Funds be Used?
One of the many perks of SBA loans is that there are no restrictions to funding allocation. Small business owners are able to use the funds as they wish for business purposes such as expansion, equipment or inventory purchasing.
Can I apply if I already have a business loan?
Yes. TUPS Capital can connect you with small business loan products that can consolidate your existing loans while helping you secure the additional funds needed. Your Financial Counselor will walk you through the entire process.
Is credit score considered?
While many funding products do use the credit score as a determining approval factor, SBA loans are structured by other factors such as outstanding invoices, monthly deposits, and/or monthly credit card revenue. Ask your Finance Counselor for more details.
For additional information or to speak with a TUPS Capital Finance Counselor – Contact Us
Our clients say
“Who knew that trying to expand would be so difficult? I’ve been with my bank for years and they couldn’t give me a better deal than TUPS did!”
Scott Dresner
Insurance Adjuster
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