MYTH:  It takes four to six months to get a SBA Loan processed.
FACT:   Completed loan applications from banks average 10 working days. 

MYTH:  SBA only provides free business counseling to business people with SBA loans.
FACT:   SBA provides free business counseling to all business people.

MYTH:  SBA provides no assistance in helping a business get federal contracts from the government.
FACT:   SBA has procurement assistance at Small Business Development Centers across the country.

MYTH:  A business person can get cheaper interest rates for business loans from SBA.
FACT:   SBA does not provide lower interest rates for small business people. Interest rates are negotiable with the bank, but are limited to 2.25% above the prime rate in the Wall Street Journal for loans with maturities of less than 7 years, and limited 2.75% with maturities of 7 years or more.

MYTH:  Small loans are not available through SBA.
FACT:   SBA provides an incentive to banks to make loans under $50,000 by reducing their guarantee fee by half.