1. How Long Does it Take To Get Approved By Fundbox? - The interest rate for SBA Microloans varies depending on the intermediary lender that you work with. Generally, you should expect to pay rates between 8% and 13%.
however, some lenders may offer lower or higher rates based on your credit score, business history, and other factors. You can negotiate the rates with the microlenders and compare different options before applying for a microloan.
2. What is The Repayment Term For SBA Microloans? - SBA Microloans are loans of up to $50,000 that are provided by the U.S. Small Business Administration (SBA) through intermediary lenders to help small businesses and certain not-for-profit childcare centers start up and expand. The maximum repayment term for an SBA Microloan is six years, and the interest rates are typically between 8% to 13%. The terms and rates may vary depending on the intermediary lender and the borrower’s needs. To apply for an SBA Microloan, you need to contact an SBA-approved intermediary in your area.
You can find a list of authorized intermediary lenders participating in SBA’s microloan program here.
I hope this information is helpful. 😊