SBA Loans For Small Business

An SBA loan is a type of financing backed by the U.S. Small Business Administration to help small businesses secure funding through approved lenders. The SBA guarantees a portion of the loan, making it less risky for banks and more accessible for business owners. Common programs include SBA 7(a), 504, Microloans, Express, and Export loans.

The SBA loan approval timeline varies by program and lender. Standard SBA loans like 7(a) and 504 typically take 4–8 weeks from application to funding, while Express loans may be processed in as little as 36 hours. Our team at Mikel Consulting helps streamline the process to minimize delays.

You can have multiple SBA loans as long as you meet eligibility criteria, and the loans are used for separate business purposes. Many business owners use different SBA programs at different growth stages or to meet evolving needs.

While good credit improves your chances, SBA lenders may consider applicants with less-than-perfect credit—especially if you have strong business cash flow, valuable collateral, or a well-prepared business plan. We help you strengthen your application and highlight compensating factors.

Required documents typically include a detailed business plan, financial statements, tax returns, personal and business credit reports, and information about collateral. We provide a full checklist and help you gather all necessary materials.

Yes, many SBA programs—including Microloans and certain 7(a) options—are available to startups. A solid business plan and clear path to profitability are especially important for new businesses applying for SBA funding.

We guide you from start to finish, providing a lender-ready business plan, application support, and insights into what SBA lenders look for. Our expertise increases your chances of approval and helps you avoid common pitfalls.

This is a very common question and the answer is absolutely! This is because even established and profitable businesses benefit significantly from a well-structured business plan for financing institutions looking to lend on more favorable terms; evaluating historical financial performance.

The length of an SBA loan, which is also known as the repayment term or maturity, depends primarily on the type of loan. It is also dependent on what the funds are being used for.

However, SBA loans generally offer longer repayment terms than most traditional bank loans or alternative financing, a key advantage!