The business loans we work with all qualify for the US Small Business Loan Guarantee program commonly referred to as the SBA The actual program manual is approximately 500 pages and too detailed to go into here. SBA stipulates the maximum loan term in years and the amount of interest that may be charged. The interest rate changes as the market changes. Lenders that demonstrate adequate program knowledge are designated SBA Preferred Lender Program (PLP) and SBA authorizes them to make the majority of loan approval decisions without submitting the application to SBA. As a Loan Broker, in most cases, we will be working with a PLP lender which substantially reduces processing time.
To start the loan process, the applicant should request the application list from the Loan Broker.