What is an SBA Loan?
The SBA does not provide loans to for-profit companies. The SBA guarantees loans made by a commercial lender to some of its borrowers. An SBA loan guarantee is only available through commercial lenders, typically a local bank. It assures the lender that in the event the borrower does not repay their obligation and a payment default occurs, the Government will reimburse the lender for its loss, up to the percentage of SBA’s guaranty. Under this program, the borrower remains obligated for the full amount due. For further information, visit the U.S. Small Business Administration’s website at: www.sba.gov. WBDC’s Access to Capital counseling can assist and guide you to obtain the funding you need. Contact WBDC today for more information: 203-353-1750 Ext. 10.
