SBA FastTrack™ 7a Loan: Funding Lighting Fast
Finally, you can now access fast, revenue-based SBA backed loans up to $350k within 30 days or less and with 10-year terms.
SBA FastTrack 7a Loan Introduction
SBA loans offer a guarantee from the federal government of 75% - 90% of the loan amount, making banks more comfortable lending and easier for under-collateralized businesses to get the funding they need.
The SBA FastTrack™ 7a Loan is a specialized program designed to help small businesses access capital quickly and efficiently. Created by the Small Business Administration (SBA), this loan provides fast, revenue-based financing up to $350,000 with a streamlined application process and a 10-year repayment term. Unlike traditional SBA loans that often require extensive financial documentation, the SBA FastTrack™ 7a Loan uses your business revenue to determine the loan amount and repayment ability.
Benefits of the SBA FastTrack™ 7a Loan
- Speedy Approval and Closing: Get approved and funded within 30 days or less.
- Revenue-Based Loan Amounts: Secure a loan that’s 50% of your gross revenue from your last filed tax return, up to $350,000.
- 10-Year Repayment Term: Enjoy long-term financial stability without straining your cash flow.
- Flexible Use of Funds: Use the funds for working capital, marketing, payroll, operational costs, and other business needs.
- No Extensive Financial Documentation Required: Simplified application process based on business revenue.
Qualifications for the SBA FastTrack™ 7a Loan
- Minimum FICO Score: 700
- Time in Business: At least 2 years
- Debt Service Coverage Ratio (DSCR): 1.20x for the business and 1.10x globally
- Use of Funds: Working capital
The SBA FastTrack™ 7a Loan is an excellent option for businesses in various industries, including bars, restaurants, retail stores, grocery stores, barbershops, salons, auto-repair shops, furniture stores, online companies, and e-commerce businesses. This loan offers a fast, flexible, and affordable alternative to short-term business loans or merchant cash advances, providing competitive interest rates and a streamlined process.