{"id":3449,"date":"2020-11-12T19:11:57","date_gmt":"2020-11-12T19:11:57","guid":{"rendered":"https:\/\/www.fmloans.com?p=3449"},"modified":"2023-09-17T20:52:07","modified_gmt":"2023-09-17T20:52:07","slug":"sba-loans","status":"publish","type":"post","link":"https:\/\/integrumresources.com\/fmloans\/sba-loans\/","title":{"rendered":"SBA Loans"},"content":{"rendered":"\n

If you own a small business, and are interested in either purchasing or renovating commercial real estate to further develop your company, you may want to consider financing with a Small Business Administration Loan<\/a>, (or SBA loan). This type of loan is partially backed by the government and can have favorable terms and rates. If you are interested in expanding your business with an SBA loan in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, Foundation Mortgage can help. Contact our office today to learn more about this program and how it can help your business thrive.<\/p>\n\n\n\n

SBA Loans Basics<\/h2>\n\n\n\n

An SBA loan is a loan that is partly guaranteed by the government and designed for small businesses. You can use an SBA loan to open a new business location or to refinance an existing loan. Due to the fact that they are insured by a federal agency, SBA loans pose less risk for lenders because the SBA will back a portion of the loan if the borrower is unable to make the mortgage payments. Additionally, this allows for lower interest rates and more flexible terms. Since SBA loans are affiliated with the government, the application process for an SBA loan can be lengthy, and the qualifications can be more stringent.<\/p>\n\n\n\n

SBA loans can offer a great way to finance your business, and they offer several benefits. Firstly, SBA loans offer favorable, longer repayment terms and capped interest rates. Also, down payments for SBA loans are lower than traditional loans, and you can obtain financing for up to 80-90% of your projected cost. SBA loans offer a variety of loan types and amounts, so you can get a loan that best suits the needs of your company.<\/p>\n\n\n\n

Qualifications for an SBA Loan<\/h2>\n\n\n\n

When applying for an SBA loan<\/a>, lenders tend to look for businesses that have proven to be successful and who demonstrate the ability to afford the loan payments. Some common requirements for an SBA loan include:<\/p>\n\n\n\n