This program is described by the SBA as a win-win-win for the small business, the community, and participating lenders. For an overview of SBA loans, visit the SmartBiz Loans website here: Get the gold standard in small business lending. Even after fees, SBA7(a) loans are vastly cheaper than most of the alternative financing and alternative lender options. Insist on transparency so you won’t be surprised by added costs. There are also various fees associated with this type of government program. Most 7(a) term loans are repaid with monthly payments of principal and interest. Established small business owners with healthy credit scores are the best candidates for an SBA 7(a) loan. This is the SBA’s most popular loan program because of low rates, long terms, and very low monthly payments. Since 2009, the SBA has backed over $150 billion through its various programs, listed below. SBA reduces risk for lenders and makes it easier for them to access capital, making it easier for small businesses to get loans. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. The agency doesn’t lend money directly to small business owners. The agency works with lenders to provide loans to small businesses. Helping business owners secure funding is an important aim of the SBA. Now more than ever, our impacted small businesses need our support, and the SBA stands ready to help them reopen and thrive.” Throughout my public and private sector career, I have been dedicated to helping small businesses grow and succeed. “ Growing up in an entrepreneurial family, I learned firsthand the ins and outs of managing a business from my father and gained an appreciation for the challenges small business owners face every day. In 2021, Isabella Casillas Guzman was named the administrator of the SBA in the Biden administration. In small businesses with fewer than 50 employees, jobs grew by 54,000 in companies with 20-49 employees and by 37,000 in companies with 1-19 employees.In July 2021 private sector jobs increased by 330,000 with small businesses contributing 91,000 new jobs to that total.

Businesses in America with fewer than 100 employees account for 98.2%, and those with fewer than 20 employees account for 89%.

Small businesses are a vital component of the overall economy accounting for 99.7% of all businesses in the U.S.

Here’s some stats showing why entrepreneurs need this government entity in their corner: This bipartisan organization is a valuable resource for aspiring or current business owners. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. Small Business Administration (SBA) helps entrepreneurs pursue the American dream.

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