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Small Business Finance
- How the SBA can help grow your business
Small business finance is just
what the Small Business Adminstration makes possible. So, if you are thinking
about borrowing money (debt financing) from a bank, but are unable to . . . then
consider obtaining financing from the Small Business Administration (SBA).
What does that mean? This federal agency, the SBA does not actually loan the money
to your business. Instead, it guarantees 75 percent of individual loans made by
private lenders and banks, up to $750,000 (making the maximum loan amount $1 million).
In order to qualify for such a loan, your business must first be able to show
the SBA that it cannot obtain conventional financing through your local banks
or institutions on its own.
How does this happen? When you go to a bank
to ask for a loan, they need sufficient collateral from you or your request will
be rejected. This is where many entrepreneurs encounter stumbling blocks: not
enough collateral. Apart from proof of sufficient cash flows for repayment, the
SBA puts less weight on collateral and more on good character, management capability,
and owner's equity contribution.
What must I do to get an SBA loan? Contact
one of the lenders on our SBA lender search list and they will help you assemle
your loan package. Once the loan package is assembled, it is submitted to the
SBA for expedited consideration. When the application is approved, the SBA issues
a letter of prequalification to you stating the SBA's intent to guarantee your
loan. The lender will then fund your loan at a competitive rate for your business.
Business
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