How Small Businesses have nearly doubled Small Business Administration Borrowing and loans since 2021
The Small Business Administration (SBA) is a United States government agency that provides financial assistance to small businesses. The SBA offers a variety of loan programs, including 7(a) loans, which are guaranteed by the SBA. EmpowerLend financial experts have the right experts to speed up the process or find you another solution while you wait for your SBA Loan.
In 2021, small businesses borrowed nearly $300 billion from the SBA, which is nearly double the amount borrowed in 2020. This increase in borrowing is likely due to the COVID-19 pandemic. This caused many small businesses to experience financial difficulties. The SBA’s loan programs can help small businesses as well as small business loans from alternative finance companies.
If you are a small business owner who is considering applying for a loan, the SBA is a great resource. You can use alternative financing as a bridge loan until you receive your SBA loan.
Here are some of the reasons why small businesses have nearly doubled their borrowing from the SBA’s and alternative lending since 2021:
- The COVID-19 pandemic has caused many small businesses to experience financial difficulties. The SBA’s loan programs can help small businesses get the financial assistance they need to survive and thrive.
- The Small business loan programs offered competitive interest rates and flexible repayment terms.
- The SBA is a trusted government agency that has been helping small businesses for over 80 years.
- The Small business loan companies has a network of lenders across the country who can help small businesses get the loans they need.
If you are a small business owner who is considering applying for a loan, the SBA is a great resource as well as alternative lenders.
Empowerlend’s loan programs will find a lender through their network to get you on the road to profitability again. Empowerlends lender network will give you all the options you need from SBA Loans to Bridge Loans while you’re waiting for your SBA loan to be approved, we have the right solutions for YOU!