The Best Source for Fast Small Business Loans

Surprisingly, the Small Business Administration is an excellent source for fast small business loans.

With most business loans there is about a two or three week time period, or even longer, before applicants will hear from the lending institution as to whether or not their loan request has been approved. However, there are a number of quick small business loans available from the Small Business Administration (SBA).

SBA Express

One of these fast loans is the SBA Express. This is one of the newest loans offered by the SBA. The Express loan is available for up to $150,000. The time frame from start to finish is about thirty-six hours. Most of these loans come with a 5-10 year maturity depending on what collateral is used to secure the loan. If fixed assets are used, it is possible to obtain the loan with a 25 year maturity.



SBA Low Doc Loan

Another of the quick small business loans is the Small Business Administration's Low Doc loan. This particular loan was originally created to provide quick help for start-up businesses.  It was also created to provide relief for those unexpected issues which can crop up when starting a business such as hidden property damages and delays with other elements.

The Low Doc loan is similar to the Express loan in that it provides a guaranty of up to $150,000 maximum. The application process for this loan is also thirty-six hours. One of the primary differences is that this loan is usually secured by business and personal assets.

It is of interest to note that these loans will not necessarily be turned down if there is inadequate collateral as long as that is the only major issue with the loan.  (Note: Make sure there are no other issues with a solid business plan in hand.)

SBA Microloan

The third of the fast small business loans available through the SBA is the MicroLoan. The MicroLoan is meant to increase the availability of very small loans to new business owners. The maximum amount available is $25,000 although this loan is most commonly about $10,000 per business. The interest rate for this loan is determined by the market rate and the collateral is determined by the actual lending institution.

Where to Look for Fast Small Business Loans

Remember that the Small Business Administration does not actually provide the loan money. This organization simply offers a guaranty to other lending institutions. They may also have a say in the type and amount of interest charged. For example, with the Express and Low Doc fast small business loans the interest rate is negotiable (fixed or variable) and is generally around the 2.5-5.0 above prime.

One caveat:  You won't get that loan without a solid business plan.  Banks just don't give loans on a handshake.  They give it on verifiable information as presented in a formal business plan.  Start with an exceptional basic business plan, and make it as strong as possible.

So if you are starting a new business and find yourself strapped for cash which you need in a hurry, go online and apply for one of the new fast small business loans offered by the SBA.

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