Getting a Small Business Administration (SBA) loan can be an effective way for small businesses to fund their growth. Still, there are misconceptions about the process. Here are three common myths we’ve heard:
– It’s too hard to qualify. As long as a business is “for profit,” most businesses are eligible.
– It’s too complicated. Not if you choose the right lender: Work with an expert who knows the SBA rules and regulations.
– It takes too long. The process has drastically changed over the past 10 years. For motivated borrowers, the time frame for the loan process can be 45-60 days.