The Small Business Administration (SBA) is a federal agency that helps small businesses access funding. SBA loans offer similar financial benefits to big banks but are easier to obtain. This makes them a great option for younger businesses without much credit history.

SBA loans have better terms than other financing options due to the unique way the SBA designs its loan programs. The SBA has two popular loans: the SBA 7(a) Loan and the SBA 504 Loan.

The SBA 7(a) Small Loan is flexible and can be used for many purposes, such as refinancing existing debt, buying equipment, supplies, or materials, hiring, marketing, and advertising.

The SBA 504 Loan is ideal for funding projects, like buying buildings or land, constructing new facilities, modernizing, renovating, or converting existing facilities, and purchasing long-term machinery.