
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Must read: American Business Lending appears to be out of business — its website is no longer in service as of January 2020. However, we’re not sure when this happened and couldn’t find additional details online. Instead, get financing with another business loan provider today.
$300,000
Min. Amount
$5,000,000
Max. Amount
Product Name | American Business Lending SBA loans |
---|---|
Min. Amount | $300,000 |
Max. Amount | $5,000,000 |
Loan Term | 84 to 300 months |
APR | Up to 2.75% above Wall Street Journal prime rate |
Requirements | Financial statements, tax returns, business plan; if applicable real estate purchase agreement, Uniform Franchise Offering Circular and signed Franchise Agreement, information on the debt to refinance |
To qualify for a business loan from ABL, you must:
ABL is a non-bank lender that specializes in SBA 7(a) loans. SBA loans are backed by the government, meaning that the government will cover the cost if you default. It’s less risky for the lender, which means they’re typically more willing to give you a better deal on rates and fees.
ABL’s non-bank status means that it’s somewhat more flexible than banks — but getting your money could require the same turnaround. Startups and small businesses that want to expand could especially benefit from taking out a business loan with ABL, which they can use to cover real estate costs and business acquisitions or working capital.
That ABL’s loans are backed by the government means its process can be bureaucratic. After all, if you default on your loan, it’s taxpayer money that comes to the rescue.
Here are a few potential drawbacks to consider:
Yes. It’s not reviewed on Trustpilot or accredited with the Better Business Bureau, but it earns an A+ rating with the BBB regardless. ABL is also a part of the SBA’s Preferred Lenders Program, which means it’s vetted by a federal agency.
ABL’s site doesn’t appear to be encrypted, which isn’t reassuring. But that might not be a problem, what with no real online application to speak of. Instead, you’ll complete a fillable PDF, print it and return it with documentation as requested.
Figuring out if you’re eligible is a trickier than with other banks. ABL’s eligibility requirements are dictated by the SBA, which offers a lot of exceptions to the rule.
To make absolutely sure you qualify, consider contacting ABL directly to describe your business to a service representative.
You’ll want to be sure to meet the SBA’s minimum requirements that include:
You need funding for real estate–related projects, business acquisition or working capital. SBA loans are designed to help businesses grow physically and financially. If that’s not what you’re looking for, you might want to consider another lender.
Buckle up for a long, involved process when applying for a loan with ABL. The whole thing can take around 60 days to funding and involves lots of documents.
2. You should see a popup asking you to complete an application. Click the link to download PDF form.
The application should open as a PDF. Once it’s open, call 800-769-8660 to talk to a business development officer, who will walk you through the application process.
3. Once you’ve completed and submitted your application, an underwriter will use it to prepare a report to submit to the ABL Credit Committee. They might need to contact you for clarification, so be ready to answer questions. 4. If the ABL Credit Committee approves your loan, the underwriter sends a commitment letter with the details of your loan. Read it carefully and contact your business development officer if you have any questions. 5. Sign and return your commitment letter along with a deposit check (used for fees associated with loan closing). 6. Once ABL receives your signed commitment letter, a loan packager and closer will work with you to gather further documentation to apply for an SBA loan. This process typically takes up to 45 days. 7. ABL will give you your funds and close your loan — or approve your application — once all of your documents are reviewed.
Don't have 60 days to wait for financing? Get a fast business loan
To apply for an SBA 7(a) loan from ABL, you may need to at least provide:
ABL might ask you for additional documentation depending on your business type and how you intend to use your business loan.
Now it’s time to start paying back your loan. Ask your loan packager and closer if it’s possible to set up autopay with your business’s checking account to avoid accidentally missing payments.
To save on needless interest, consider paying off your loan early if your loan term is less than 15 years. But keep in mind that ABL can charge a penalty on prepayments that represent more than 25% of the principal balance.
ABL business loans are designed to help startups and small businesses grow by buying real estate and purchasing other companies. Small businesses looking for financing for other projects or for a loan of less than $300,000 should look elsewhere.
But even if you do qualify for this loan, it’s a good idea to compare your options to make sure it’s the best fit for your business’s needs.