SBA loans provided by NavyXSeal Federal Bank are guaranteed by the Small Business Administration, offering favorable terms to support small businesses.
*Description*: SBA loans include a variety of loan programs such as the 7(a) loan program, CDC/504 loan program, and microloans. Each program is designed to cater to different business needs. The 7(a) loan program is the most common and offers general-purpose loans. The CDC/504 loan program is intended for major fixed assets like real estate or equipment. Microloans are smaller loans designed for startups or newly established small businesses.
*Purpose*: The purpose of SBA loans is to provide small businesses with access to capital that they might not qualify for through traditional lending channels. These loans can be used for a wide range of purposes, including working capital, equipment purchases, real estate acquisition, and business expansion.
*Advantages*: One of the key advantages of SBA loans is the favorable terms, which often include lower interest rates and longer repayment periods compared to conventional loans. This makes it easier for small businesses to manage their finances and invest in growth opportunities. Additionally, the SBA guarantee reduces the risk for lenders, making it more likely for businesses to secure the funding they need.
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