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#6. 1 in 6 SBA Loans Fail

When it comes to finding sustainable financing that’s the right move for the long term, many business owners think of SBA loans as the holy grail. But finding the right type of financing is rarely that simple—based on the business’s history, the ideal program can vary drastically.

Between 2006 and 2015, 1 in 6 SBA loans went into default. This means that these business owners were unable to repay loans during this period, either due to a lack of cash flow, their business shutting down altogether, or another similar reason.

On average, it took about 4 years for these SBA loans to go into default.

One important factor to consider when finding the right financing program is the goal you’re hoping to achieve.

If you’re using the funding to pay for a long-term project that won’t drive profit for your business, then a long-term program like an SBA loan is the way to go. If the loan isn’t going to help you generate higher profits, then having a longer period of time to pay it off can be imperative.

Depending on your intentions, though, paying back the loan over a shorter period of time can actually be beneficial.

This is particularly true when the loan is intended to generate higher profits. While you may not experience a profit increase overnight, paying back the loan over a shorter period of time ensures that you aren’t paying sky-high interest rates.