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SBA loans: Every small business owner who is looking for financing wants them, but few fully understand them. It’s true that the SBA loan application process can be complicated. After all, the government’s money is involved—even though intermediary lenders furnish the loan, the U.S. Small Business Administration guarantees those lenders repayment if their borrower defaults. Because of this, there are a ton of documents to fill out, requirements to be met, and fine print to read that can generate their fair share of confusion.
Most SBA loan-related questions, such as credit score requirements and current interest rates, can be answered with a simple web search. Other questions, such as why a spouse has to sign off on personal financial statements, require a lot more digging. We’ve noticed that many business owners have specific questions like these that tend to crop up a lot. Luckily, our team of in-house experts is here to help.
Check out the infographic below for answers to the SBA loan questions we hear most.