Small Business Administration Loans – SBA Loans
With fluctuations in the economy from year to year, it’s nice to see the small business owner get the help they need for a struggling business. Larger corporations have bail-out assistance, federal tax cuts, and many other advantages. The Small Business Administration (SBA) has not forgotten about the small business owners or those who have an entrepreneurial spirit, who could use a few breaks as well.
A Small Business Administration Loan could be just the thing you need to get started on your product or service venture. Business Loans are designed to help lend the person in pursuit of the Great American Dream, the boost they need to reach their aspirations.
If you’re a person who already has a experience in the industry you want a business, and have good credit, but a traditional bank has turned you down for the funds you seek, make an appointment with an SBA Loan official, to see what they can do for you.
Whether you’re trying to purchase a franchise, or have a unique idea to start a company that is unique – but don’t have the assets to borrow against, or if you have an existing business that is really in need of an upgrade, a Small Business Administration loan can help.
Call now to find out if your business could benefit from an Small Business Administration Loan
With an SBA Loan, you can get the money you need to pay for the expenses it takes to operate your business, and to pay for the equipment and stock for the company’s goods or products, as well as accounts payable funds to pay your employees.
Some have the idea that business loans are for short term use only. To acquire the business, and that once you’ve gotten started, you’re own your own. Not true…There are agents available during business hours, who are there for consultation purposes, to assist you with knowledge about what your next steps could be, or if you run into a problem that you’re not sure how to handle, knowledgeable SBA representatives have access to a database filled with useful business information.
Here are a few of the things you’ll need to get started:
- Write a business plan.
- Select a prime location for your business.
- Get a Tax I.D. number.
- Secure all licenses and certifications necessary.
- And be sure to know your role as a future employer.
After you’ve done the leg work and have a nice, clear portfolio pulled together, all you have to do is submit your documents and wait through the Small Business Administration’s short deliberation time.
The loans are already pre-approved to an extent and are virtually ready to go, all you have to do is get ready for opening day.
The process is simple, secure, and best yet…government approved.
SBA loans are loans tailored for small business that are unable to obtain financing through conventional forms of lending with reasonable terms. This program is a guaranteed by the Small Business Association.
The SBA 7(a) is to provide financing for borrowers for starting, acquiring, and expanding small business. This vehicle requires a reasonable amount of invested equity and a proper demonstration of need for loan proceeds. This is generally used to provide long-term working capital to pay operational expenses, accounts payable and/or to purchase inventory/equipment.
SBA’s CDC/504 Loan program is designed for a Certified Development Company. This is a great program for Real Estate Developers. This loan can be used to purchase land, housing/buildings, improvements, utilities, and equipment.