Many people know about the Small Business Administration’s flagship loan programs because they have been operating for decades, refining and expanding their criteria over time to accommodate issues like franchise financing and changing definitions of small business income. What is less well-known is the wide range of additional programs offered for everything from credit building to disaster relief.

Over the last 15 years, several loan types have emerged, including microloans for short-term business needs, but many of them are niche programs compared to SBA loans for major asset purchases. Two of the more important newer loan types for startups and companies with limited resources have been around since 2018, though, and it’s important that the companies who could benefit from them learn about what they can do.

Community Advantage Loans

This program was piloted in 2018 and was designed to connect borrowers with credit obstacles to 7a program lenders by providing both application support and additional lender guarantees. When you work with the Community Advantage program, you aren’t necessarily applying for a new type of loan, but for help accessing the loan types that other businesses have benefited from. If you have been turned away through the traditional 7a program for issues with your business plan or supporting documentation, this could be your path to approval as well.

Express Bridge Loans

While the SBA is most well-known for its long-term lending, the administration has worked on making short-term lending more accessible. The microloan program is one version of this initiative, and express bridge loans are another. Where traditional SBA loans often have long approval times due to the dual approval process by the government and lender, the EBL program is designed for fast approvals.

The EBL application process is designed to identify your financial needs and the ways they have been impacted by recent disasters. It is vital to many companies’ disaster recovery efforts because Express Lenders approved by the SBA can move quickly based on application information, but your business does have to be operating in a disaster zone to qualify. Even if it is not an everyday loan you can always use, companies that operate in disaster-prone areas should consider it as part of a response plan.

Learn More About Additional SBA Loans

If you are interested in finding out about the half dozen or so additional programs beyond the SBA’s flagship offerings, all you have to do is check out the administration’s official web page. You will find resources on everything from which franchises work with the SBA to what approval times average for different programs.

Abundant Wealth Financial offers a wide range of SBA solutions for working capital, equipment, large business assets, acquisitions, and more. As a financial firm in good standing, we have the ability to expedite loan requests for our clients. Contact our offices today to get the funding your business needs.