What are the repayment options for an SBA loan?
An example of an AI chatbot conversation about SBA loan repayment options.
What are the repayment options for an SBA loan?
SBA loans typically offer several repayment options, including fixed monthly payments, interest-only payments for a period, and flexible terms based on your business's cash flow.
How long do I have to repay an SBA loan?
The repayment term for an SBA loan can range from 5 to 25 years, depending on the type of loan and the purpose of the funds.
What happens if I miss a payment?
If you miss a payment, it's important to contact your lender immediately. They may offer options to help you avoid default, such as restructuring your loan.
Can I pay off my SBA loan early?
Yes, you can pay off your SBA loan early, but check your loan agreement for any prepayment penalties that may apply.
Are there any resources to help me manage my loan repayment?
Yes, the SBA provides various resources, including financial counseling and workshops, to help you manage your loan repayment effectively.
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