The Small Business Administration (SBA) charges a guarantee fee on SBA 7(a) loans. This guarantee ensures lenders against loss if the borrower defaults on the loan. The amount of the SBA guarantee fee varies based on the loan amount. In addition to the SBA guarantee fee, there are other fees charged on SBA loans. If…
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 Fund Your Mobile App: 8 Best Options 2019
There are a number of options available for app funding. For apps in early startup, using retirement savings, personal loan, crowdfunding, or angel investors may be a good app funding choice, while an SBA loan, revenue-based financing, an online business loan, or venture capital may be better sources of app funding for growth. A rollover…
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Best Egg vs LendingClub: Price, Features & What’s Best in 2019
Best Egg offers personal loans up to $35,000 at rates starting as low as 5.99% APR, with repayment terms ranging from three to five years. LendingClub offers personal loans up to $40,000 at rates starting as low as 6.95% APR, with repayment terms of either three or five years. When to Use Best Egg Borrowers…
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What Is a Microloan and How Can Your Small Business Benefit?
A microloan is a small loan, generally up to $50,000, made to startups and emerging small businesses. These loans are offered by nonprofit organizations known as microlenders. Microloans typically have repayment terms of up to seven years and offer favorable interest rates that are lower than those available through online lenders. What Is a Microloan?…
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SBA Loan Rates 2019 – Current Interest Rates and How They Work
The affordability of Small Business Administration (SBA) loan rates attracts many small businesses that may not otherwise be able to obtain affordable financing. Whether you are considering SBA 7(a) loans, Express loans, microloans, or Community Development Company (CDC)/504 loans, the SBA loan rates you receive will likely be more affordable than most other financing options….
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Upstart vs LendingClub: Price, Features, & What’s Best in 2019
Upstart offers personal loans up to $50,000, and LendingClub offers up to $40,000. APRs for both lenders start at roughly 7% and have repayment terms of three or five years. LendingClub requires a minimum credit score of 600, and Upstart requires 620 to qualify. You can apply online with either lender in minutes. Both Upstart…
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Avant vs LendingClub: Price, Features, & What’s Best in 2019
Avant offers personal loans up to $35,000 at rates starting as low as 9.95% annual percentage rate (APR), with repayment terms ranging from two to five years. LendingClub offers personal loans up to $40,000 at rates starting as low as 6.95% APR, with repayment terms of either three or five years. When to Use LendingClub…
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SoFi vs LendingClub: Price, Features & What’s Best in 2019
SoFi offers personal loans up to $100,000 at rates starting as low as 5.99% APR with repayment terms ranging from two to seven years. LendingClub offers personal loans up to $40,000 at rates starting as low as 6.95% APR, with repayment terms of either three or five years. When to Use SoFi For borrowers seeking…
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Is Intuit QuickBooks Capital Right for Your Small Business?
Intuit QuickBooks Capital offers short-term loans in amounts up to $100,000. These loans carry expected APRs ranging from 12% to 32% and repayment terms up to 12 months. If you use QuickBooks Online, have a credit score of at least 620, and annual revenues of $50,000 or greater, you may be eligible. Small business owners…
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7 Best Rollover for Business Startups (ROBS) Providers 2019
A rollover for business startups (ROBS) is a financing solution that lets you start or purchase a business with your retirement savings without paying early withdrawal fees or tax penalties. These transactions are difficult and confusing, which is why we recommend using an experienced ROBS provider. We’ve compared the best ROBS providers for startup businesses….
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12 Best Women Owned Business Grants 2019
Business grants for women are financial incentives given to women-owned businesses. Grants are not loans, and are not required to be repaid once they’ve been awarded to you. Grants for women starting a business are offered by corporations or special interest groups, with goals to help female entrepreneurs succeed in growing and developing their businesses….
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LendingClub vs Prosper: Price, Features & What’s Best in 2019
LendingClub and Prosper offer personal loans up to $40,000 at rates ranging from 6.95% to nearly 36% APR. Both lenders have repayment terms of three or five years. LendingClub requires a minimum credit score of 600, and Prosper requires 640 to qualify. You can apply online in minutes and loans are funded in days. When…
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