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How Do I Apply for an SBA Loan?

SBA loans are applied through ‘SBA Approved Lenders‘. SBA loans are not applied directly at the SBA.

Most financial lending institutions handle SBA applications in addition to their other lending services. Banks, credit unions, and small financial finance companies handle most of the SBA loans that are offered today.

A lot of our truckers are confused about this, and for a very understandable reason. During the recent Covid pandemic, the government offered a loan program known as Economic Injury Disaster Loan (EIDL) to help businesses receive financial assistance. These (and all) EIDL loans were applied for directly at the SBA. But this is the only type of SBA loan that is done this way.

SBA Approved Lenders

SBA Approved Lenders are financial institutions like banks (but not always) who are able to underwrite and offer SBA loans. Because SBA loans are partially backed by the US government, certain qualifying criteria needs to be met for each application. If a lender’s application meets the eligibility criteria they are able to offer the benefits of an SBA loan to their client.

SBA Preferred Lenders

An SBA Preferred Lender is a financial institution that has been granted the authority to make credit decisions on SBA loans without having to wait for SBA approval.  To attain this status, lenders must demonstrate a history of efficiently processing and servicing SBA loans, while also meeting the SBA’s criteria for processing volume, performance, knowledge of SBA policies, and risk mitigation. Because of this authority, loans processed by SBA Preferred Lenders can be processed quicker than regular SBA lenders.

BLF works with dozens of trucker-specific Lenders.

Just because a lender offers SBA loans does not mean it is a fit for every industry. Some lenders prefer retail business, while others prefer manufacturing. It is important to apply at the SBA lender who will provide the best chance of an approval. Our stable of lenders who offer SBA loans to truckers offers you the best opportunity for securing the right loan to suit your needs and the best chance of landing an approval for your application.

Begin your SBA application process with BLF.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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