I wanted to remind this community that the government has put SBA loans "on-sale" between now and the end of September, and all business owners should understand the benefits and see if they make sense for them.
The primary uses of SBA loans are to acquire or refinance owner-occupied real estate, restructure or recapitalize current debt, acquire a business or buy out a partner, or growth capital. The maximum loan amounts are up to $5 Million for working capital projects and up to $12.8 M for real estate and equipment projects.
The government will pay your first three monthly payments, up to $9k a month. In addition, all guarantee fees are waived, which generally run at 2.5% of the total loan amount. The government has also increased the percentage of the loans that they guarantee to encourage lenders to make riskier loans than they otherwise would.