Achieving the entrepreneurship dream of owning a business is alive and well in America as millions grabbed opportunities to start or grow their businesses in the past year. The U.S. Small Business Administration (SBA) tracks small business ownership statistics — about seven in ten small business owners start their companies from the ground up, 22% purchase their businesses, 7% received ownership of a business through a gift, and 4% inherited ownership of their business.
Started in 1953, the SBA was founded to “help Americans start, build, and grow businesses.” Whether you’re looking to purchase a franchise or existing business, refinance business debt, purchase supplies or materials, transition a business to new owners, or much more, SBA loans can do that.
First Business Bank’s SBA Lending team helps clients across the United States achieve their dreams of owning and building their business with SBA loans as an SBA Preferred Lending Partner (PLP). This episode of the First Business Bank Podcast discusses the SBA 7(a) loan program, including:
- Who qualifies for SBA loans?
- How big are SBA loans and what can you use them for?
- Benefits of SBA 7(a) loans compared to traditional lending
- What to know about the SBA loan application process
- Tips for finding an expert SBA lender
SBA loans are important to the fabric of our economy, helping small businesses grow and sustain our communities. Our expert SBA team helps business owners every step of the way through the complex application and approval process to achieve their plans of business ownership and growth.