Here is our list of the Top 5 Questions we ask during a business loan exploratory meeting.

• What is the purpose of this loan request?
• What dollar amount do you need for your loan request?
• What length of term do you need to repay the loan in monthly installments?
• What entity will the name of the loan be under? (

What to ask before applying for a loan?

Top 10 Questions to Ask When Getting a Loan

1. How much should I borrow?
2. How long will it take to get the money?
3. What do I need to take out a loan?
4. How do I know what my current credit score is?
5. What is the interest rate on the loan?
6. How does the loan repayment work?
7. What is the term of the loan?
8. Are there any fees?

What is the SBA loan number?

Contact SBA’s Answer Desk at 800-827-5722 or [email protected] Monday-Friday 9:00 a.m. to 6:00 p.m. ET or speak with an American Sign Language (ASL) interpreter via videophone at 855-440-4960.

What should I know before getting a SBA loan?

Prior to even thinking about that SBA Form 770, you want to know what everything’s going to cost you. Luckily, of all lenders, banks and other local financial institutions tend to offer the lowest rates. The average APR from a local bank is 3%. Also, if you’re working with a broker from a community bank, they may tack on fees too.

How many SBA 7 ( a ) loans are there?

The SBA 7 (a) program accounts for more than 60,000 small business loans each year and is the SBA’s flagship loan product. It provides loans to qualified small and medium-sized businesses in amounts of up to $5 million.

Where can I get a SBA Disaster Loan?

[email protected] Contact the bank you normally use for your business lending or where you have a business account. In addition, you can contact any of the SBA PPP approved lenders found online at or in the previous section. Additional questions? Call 800- 659-2955 or email [email protected]

Can a business get more than one SBA loan?

Yes, a borrower can have multiple SBA loans over the course of the lifetime of a business, given that a business meets the SBA’s and the lender’s eligibility requirements for every loan that it takes. However, the combined amount of those loans must not exceed SBA program borrowing limits, which varies based on the type of SBA loan. For example]