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SBA Express It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.

In general, you'll need good credit — a personal credit score of 690 or higher — to get an SBA loan. Some lenders, like microlenders or Community Advantage lenders, however, may consider working with businesses with lower credit scores.

You may get denied an SBA loan if your business could obtain financing elsewhere or has a wealth of assets above the loan amount requested. You also probably won't get approved if you've had a past default on a government loan. Finally, the SBA disqualifies specific industries, including: Financial institutions.

Because they're backed by the U.S. government, they're less risky for banks than issuing their own loans. But SBA loans are usually harder to get than online business loans, which may require less time in business and lend to borrowers with lower credit scores.

Lenders that work with SBA provide financial assistance to small businesses through government-backed loans.

Eligibility requirements Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.

Many statistics say that large banks approve SBA loans at rates as low as 20-30%, while smaller banks approve SBA loans at around 40% or less. All this to say: SBA loan approval rates hover at half or below all loan applications that are submitted.

The SBA loan guarantee works as a substitute for the needed collateral and provides the lender with satisfactory security to support the loan. If the borrower fails to repay the loan, the lender can recover the guaranteed portion of the loan from the SBA.