5 Things You Probably Didn’t Know About SBA Loans

What is an SBA loan and what businesses are eligible for one? What can an SBA loan be used for? What are the requirements for receiving an SBA loan? Do you need a good personal credit history to get an SBA loan? And where can a small business owner apply for an SBA loan? #sba #sbaloans #startups Talk to a banker about an SBA loan: https://www.nbarizona.com/business/la... In this episode of Financial Cents, John Lewis, senior vice president and regional commercial manager at National Bank of Arizona, joins host Brent Cannon, executive vice president and director of community banking at National Bank of Arizona, to discuss 5 things most people probably don’t know about SBA loans. “The Small Business Administration, or SBA, partners with financial institutions like National Bank of Arizona to be able to provide loans to small businesses. For the bank, these loans are guaranteed by the federal government up 85%,” says John. “This guarantee then allows banks to be able to provide more flexible terms for small business owners than they may ordinarily be able to get.” “SBA loans can be used for a wide variety of things,” says John, “from short-term working capital to long-term working capital, in addition to acquiring assets like equipment or commercial real estate.” Subscribe from your favorite podcast platform by visiting: https://www.nbarizona.com/financial-c.... KFUBMT0BSG5YCE4T Timestamps: 00:00:00 - Intro 00:00:38 - 5 things you probably didn't know about SBA loans 00:03:06 - What SBA loans can be used for 00:05:30 - Who is eligible for an SBA loan 00:07:05 - The importance of credit for SBA loans 00:09:05 - What are SBA interest rates? 00:12:03 - How to apply for an SBA loan 00:14:03 - SBA programs for start ups 00:17:12 - Business plans 00:18:34 - Why you should talk to a banker