SBA Loans
Work with Lyft Capital to secure your SBA 7(a), Express Loan and More
Multiple SBA Options:
- Rates starting just above current prime rate
- Longer terms than a traditional business loan
- Easier process with Lyft Capital
Minimum Requirements:
- $250K annual revenue
- 680 credit score
- 2 years in business
From a Multi-Purpose 7(a) to an SBA Express
Loan – Lyft Capital has you covered!
Whether you’re aiming to expand your operations, acquire new real estate, enhance your current facilities, or simply require additional working capital, SBA loans present an ideal financial solution for your needs.
What makes an SBA loan worth considering?
SBA loans, notably the 7(a) and Express Loans, exhibit remarkable versatility, making them suitable for virtually any business endeavor. Offering a diverse range of term options (extending up to 25 years upon loan approval) and the potential for loans reaching up to $5,000,000, your business is poised to discover a financing solution tailored to both its fundamental and intricate requirements. Moreover, the accompanying government guarantee ensures highly favorable interest rates.
All Purpose
Working Capital to fund virtually any business requirement you can envision. Secure a single loan and collaborate with one lender to address all your financial needs.
The Pinnacle of Small Business Financing
Benefit from interest rates that effectively mitigate inflation expenses, all thanks to the government guarantee that reduces lender risk. Embrace extended terms and adaptable payment schedules to preserve your cash reserves.
More Than Just a Loan
Several SBA-backed loans offer access to valuable resources and mentorship programs that can be challenging to locate elsewhere. Regardless of whether you secure a loan, the SBA provides an array of services dedicated to fostering small business growth.
Fueling the Economy
The SBA backs billions of dollars in loans to small businesses each year, keeping businesses running. The SBA doesn’t typically cost tax payers a penny- the SBA funds itself with the guarantee fee it collects.
Does Your Business Qualify For an SBA Loan?
Eligibility for an SBA Loan hinges on a multitude of factors, encompassing the specific loan type you’re pursuing and industry-specific criteria. It may indeed appear daunting. However, let’s begin by outlining the fundamental minimum qualifications you need to meet –
- Personal credit score of at least 680
- U.S.-based, for profit business
- Business showing profitability
- At least 2 years operating time in business
- Established business credit
SBA Loans: Pros and Cons – What You Should Be Aware Of
Every small business owner recognizes the significance of maintaining adequate working capital to ensure the smooth operation of their business. However, while it’s crucial, it’s not always readily attainable. That’s where SBA Loans come into play, offering a cost-effective solution to both well-established and emerging businesses across the United States. Nevertheless, there are a few drawbacks to consider: SBA loans can be challenging to obtain, as they come with stringent requirements, and the application process can be time-consuming, laborious, and occasionally perplexing. Lyft Capital is here to assist you in navigating this journey, from determining your eligibility to crafting your comprehensive application package, all the way through the final submission and approval process!
How to Apply for an SBA Loan
Applying for an SBA Loan entails a comprehensive documentation process, so prepare for a thorough journey involving a deep dive into your business records. The ultimate outcome, however, makes it all worthwhile. To initiate the process, complete our brief online application, which furnishes us with essential information about your business. Our Financing Specialists will conduct a complimentary assessment of your application and identify any additional requirements. This enables us to streamline the process, allowing you to focus your efforts precisely on gathering the necessary documents. Your Financing Specialist will then guide you through each phase of the application and funding process, providing unwavering support every step of the way.
Feel like you’re no longer in the race?
Don’t worry! There are several other cost-effective business funding alternatives at your disposal.
Still on track for success?
Get in touch and we’ll assist you to get the application process started.