SBA loans are financial products backed by the Small Business Administration, designed to help small businesses access funding. These loans typically offer lower interest rates and longer repayment terms compared to conventional loans, making them more affordable for business owners. There are various types of SBA loans, including the 7(a) loan program, which is the most common, and the 504 loan program, which is aimed at purchasing fixed assets. To qualify, businesses must meet specific criteria, such as size standards and creditworthiness, ensuring that the funds support genuine small business needs.