The Small Business Administration (SBA) makes microloans of up to $50,000 available to small businesses through nonprofit lenders. Interest rates for SBA microloans range from 8% to 13%, with terms of up to six years. SBA microloans are available to startups and established businesses, and provide funding much faster than other SBA loan types. What…
About the Author
Tricia Tetreault
Tricia Tetreault is a staff writer at Fit Small Business, specializing in Small Business Finance. She holds a Master's in Business Administration from Champlain College and has spent the majority of her career working in federal government lending.
When she's not helping small businesses find the best financing opportunities, Tricia enjoys adventuring with her two children around her home in Vermont.
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How to Refinance Your Business Loans in 4 Steps
A business loan refinance can lower your current APR, reduce the frequency of your payments, and even unlock additional working capital for your business. The most common loans used for business refinancing are SBA loans and traditional small business term loans. In this article, we’ll show you how to refinance business loans in four steps….
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Amazon Lending & 8 Alternative Funding Options for Your Business
Amazon Lending is an invitation-only short-term business loan that helps Amazon sellers fund inventory purchases, but it’s not available to everyone. For those who do not have access to Amazon Lending, there are other options. We’ve reviewed Amazon Lending and eight of the top alternatives to help fund your business inventory and working capital needs….
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10 Best Personal Loans for Business Funding 2019
Personal business loans allow you to get a loan based on your personal credit and finances, with proceeds going towards your business. These unsecured loans are a good option if you are unable to qualify for a business loan. We evaluated loan amounts, costs, and terms to determine the best personal loan for business needs….
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Who Gets SBA Loans? SBA Loans by Industry
Small Business Administration (SBA) loans are a common source of financing for businesses. However, many businesses find qualifying for SBA loans to be difficult. Using data from the SBA, we have broken down SBA loans by industry to find which are receiving the most loans, the most funding, and which have the highest repayment rates….
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Fit Small Business Grant for Women-owned Business Startups
At Fit Small Business, we know that a bootstrapping entrepreneur has the power to transform her community for the better. And while startup funding can be difficult to obtain, we know from experience that even a modest investment can be enough to kick-start a new enterprise. That’s why we’re proud to offer the Fit Small…
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What Invoice Factoring Is & How It Works
Invoice factoring is a type of accounts receivable financing that converts invoices due within 90 days into immediate cash for your small business. The factoring company will typically pay out two installments for your invoice: an advance of 80% of your invoice and the remaining 20% (minus fees) after the invoice is paid. Fundbox, the…
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SBA Lending Statistics State-by-State 2019
During 2018, the Small Business Administration (SBA) funded more than 66,000 loans through the 7(a) and 504 programs. These loans provided over $30 billion to small businesses throughout the United States, supporting nearly 600,000 jobs. Interestingly, SBA lending in 2018 primarily supported fast food and fitness franchises. Note: The following SBA statistics are based on…
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Startup Business Loans 2018: The 12 Best Ways to Fund Your Startup
Business owners often need to utilize more than one source of financing to get their new startup off the ground. Typical options include business loans, raising money, or using your savings. We’ll analyze the 12 best startup business loans, from SBA loans to angel investors to Rollovers for Business Startups (ROBS). A ROBS might be…
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SBA Startup Loans: Definition, Cost, Features & Providers
The Small Business Administration (SBA) offers SBA startup business loans to help get new businesses off the ground. SBA loans are available for up to $5 million, with rates ranging from 7.75% to 10.25%, and terms of up to 10 years (25 years for real estate). You can apply through a traditional bank. One great…
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How to Apply for an SBA Loan in 6 Easy Steps
Applying for an SBA loan requires six steps, including determining your eligibility, selecting an SBA loan type, finding an SBA loan provider, assembling paperwork, and completing the SBA loan application and forms. Getting an SBA loan can take up to three months with a traditional lender, or approximately 30 days with an SBA loan broker….
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6 Best Accounts Receivable Financing Companies 2019
Accounts receivable (A/R) financing companies can provide fast, affordable funding to smooth out a small business’s cash flow or provide access to short-term working capital. A/R financing is based on factors like size, credit score, age and whether it’s an individual or group. We reviewed invoice financing companies to choose the six best. We recommend…
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