See more in Miami's Business Funding Guide
The SBA (Small Business Administration) is a federally run program that offers a variety of small business loans and services. The SBA does not provide the loans directly, but they give the funds to individual lenders to distribute to small business owners.
The SBA offers a few different types of loans:
- 7(a): Most common, great for working capital.
- 504: Long-term, great for business expansion or to purchase equipment/machinery.
- Microloans: Smaller amounts of cash, easier to apply for.
- Disaster: To help businesses recover, like the EIDL.
Individual lenders typically specialize and will offer one or two of the types listed above. Based on the needs and size of your business, find a lender that offers the loan you need. If you aren't able to get a loan from a traditional bank, an SBA loan is a great way for established businesses to access funds and build business credit at an affordable rate.
Although this program is designed for small business owners and offers a lot of support in applying, applications require a lot of paper work, good credit, and sometimes collateral is needed based on the size of the loan.
Ideal for businesses that:
Have 2+ years of operations, steady revenue, and good credit.
These lenders are known for:
Lending to established businesses and requiring a lot of documentation/paperwork.