The Small Business Administration (SBA) enables lending partners such as Pinnacle Bank to provide financing to small businesses when funding is unavailable on conventional terms. In these cases, the SBA guarantees major portions of the loan on behalf of the business.
Benefits of SBA loans:
- Fixed and variable rate options
- Guaranteed by the SBA
- Longer time for loan repayment
- Lower interest rates than conventional loans
- Most for-profit businesses are eligible
- Access to capital for business growth