The Small Business First (SBF) program, within the Small Business Administration (SBA), seeks to ensure more equitable access to federal contracting opportunities for small businesses. Under SBF, one crucial initiative is the SFR3 (Streamlined Facility and Rate) program, which simplifies the process of obtaining a loan for qualified small businesses seeking to bid on federal contracts.
SFR3 offers a guaranteed maximum rate of 3% for loans used to finance working capital and contract performance, subject to certain conditions. This rate is usually lower than traditional commercial loan rates, making it more feasible for small businesses to access the capital they need.
To qualify for an SFR3 loan, small businesses must meet the following requirements:
The SFR3 application process is designed to be efficient and user-friendly:
Q: How much can I borrow under SFR3?
A: Loan amounts range from $1,000 to $10 million.
Q: What is the repayment term for SFR3 loans?
A: Repayment terms typically range from 5 to 15 years.
Q: Can I use SFR3 loans for contract mobilization?
A: Yes, SFR3 loans can be used to cover costs associated with contract mobilization, such as purchasing equipment or hiring subcontractors.
Feature | Value |
---|---|
Maximum Interest Rate | 3% |
Loan Amount Range | $1,000 - $10 million |
Repayment Term Range | 5 - 15 years |
Eligibility Requirement | SBA-certified small business |
Loan Type | Average Interest Rate |
---|---|
SFR3 Loan | 3% |
Traditional Commercial Loan | 5-10% |
Year | Number of Loans Approved |
---|---|
2021 | 5,200 |
2022 | 6,500 |
2023 (Q1) | 1,800 |
If you are a small business seeking to expand your government contracting opportunities, explore the SFR3 program today. With its competitive rates, streamlined application process, and tailored support, SFR3 can empower you to grow your business and succeed in the federal marketplace.
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