PRO'S & CON'S OF SBA LOANS
- Minimal paperwork
- Fast approvals
- Money wired into your account in days
- Most expensive loan option
- No pre-payment discounts
- Contracts can be confusing
The Process of a Small Business Association (SBA) Loan Approval:
- Business owner accepts credit cards, and processes more than $5,000/month in credit card transactions.
- Business owner completes simple one page application.
- Based on their revenue, business owner receives an offer from the bank.
- Business owner accepts the terms and signs lending agreement.
- Lender wires funds directly into business owners bank account, usually within 1 business day.
- Lender receives a small portion of business owners credit card sales on a daily basis in order to repay the Merchant Cash Advance.