- SBA LOANS
The loan programs are operated through private lenders
that provide loans which are, in turn, guaranteed by the
SBA. Financial institutions offer SBA Loans to
businesses that will successfully apply it towards
ensuring the long-term success of the business. For this
reason, qualifications for an SBA Loan differ from those
of other types of loans, in particular, there is less of
a burden on the borrower to demonstrate collateral and
cash assets.
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When the SBA helps your business acquire a loan, it is
understood that you will pay back the loan on a lengthy
schedule of smaller payments. Many SBA Loans are
expected to go towards acquiring materials, equipment,
or property necessary to carry out the expansion of an
existing, successful business. Most of these applicants
have a business that despite bringing in steady income
lacks in capital. The application process varies
depending on the type of SBA Loan being sought, and in
fact there are several types of loan programs. The rates
and limits also vary based on the loan program.
- SBA COMMERCIAL LOAN
In order to expand your commercial business without
overextending your finances, it may pay to consider an
SBA Commercial Loan. A great feature of these loans is
that unlike many other types of loans, Commercial Loans
backed by the SBA may be granted even in cases where a
borrower can only supply limited collateral. The
benefits of securing an SBA Commercial Loan in order to
expand your business are obvious: the reduced risk to
your lender allows for larger loans, paid back over a
longer period of time.
- SBA BUSINESS LOAN
These loans are meant for those interested in the loan
as a way to broaden the scope of their business or
expand into new markets. They are most commonly used to
cover the added overhead costs that come with expanding
businesses. There are lots of ways to finance your
business, but if you feel like you've run out of
options, it could be time to see if you qualify for an
SBA Business Loan. Unlike other business loans out
there, weak collateral usually isn't enough to
disqualify you for an SBA business, if you meet the
SBA's other requirements.
- SBA LOAN FOR WOMEN
SBA can offer you some nice benefits with your loan if
you are a business owner and a woman. Here are some of
the important benefits: -Pre-qualification: To encourage
woman business owners to apply for loans, the SBA has
created a pre-qualification program that streamlines the
SBA loan process for woman business owners. -Guidance
and support: From training to research to networking,
the SBA has attempted to establish a variety of programs
that together form a clearinghouse and support center
for woman business owners and entrepreneurs. -Special
loans: Women are included in groups that qualify for the
SBA's 504 program. The SBA 504 loan for woman business
owners offers generous loans for the expansion of
woman-owned businesses within a community.
- SBA a 504 LOAN PROGRAM
An SBA 504 loan is a loan in which a private lender
recommends a loan candidate for government money through
the SBA. Generally speaking, the private lender will
recommend candidates who fulfill the application
requirements and who are looking to purchase fixed
assets. These assets may include purchasing land and
making improvements, buying long-term equipment and
machinery, making street improvements and building
parking lots, and renovating or converting existing
facilities. This program provides long-term, fixed-rate
financing to small businesses to acquire real estate or
machinery or equipment for expansion or modernization.
- 7(a)LOAN GUARANTY PROGRAM
One of the SBA's primary loan programs, 7(a) offers
loans of up to $2 millions. (The maximum dollar amount
the SBA can guaranty is generally $1 million.) This is
the SBA's primary loan program, and it is also the most
flexible. It is designed to help small businesses obtain
funds when normal lending channels may be closed to
them. The loan comes through normal commercial lending
channels and has a maturity of between 10 and 25 years
and can be used for a number of purposes such as
renovation of existing structures, construction and
expansion, furnishings and fixtures, land and buildings,
and debt refinancing.
- MICROLOAN PROGRAM
This new program offers loans of up to $35,000 to
qualified start-up, newly established, or growing small
business concerns. Loans are arranged through nonprofit
community based lenders (intermediaries) which, in turn,
make loans to eligible borrowers. The entire Microloan
process is handled on the local level, but you must go
to one of the local intermediaries to apply. This is
offered to small businesses and usually amounts to below
$35,000. These loans are granted for supplies,
equipment, furniture, fixings, machinery...
- TARGETED LOAN PROGRAMS
Besides the general programs described above, the SBA
offers several loans designed to meet specific needs.
- SBA VETERANS LOANS
Unfortunately, the SBA has not been granted funds to
offer special loan programs to assist either veterans or
disabled persons. However, individuals of both groups
are eligible for all SBA loan guaranty programs. In
addition, veterans are eligible for special
consideration under SBA's guaranty loan programs.
- SBA EXPRESS LOAN
In many cases obtaining an SBA-backed loan is a lengthy
process. The good news is that the SBA offers an express
loan for its most common loan type - the 7(a)loan. While
it is not always possible for a small business to
receive SBA Express Loan backing, it is a very
attractive service. Qualifying businesses and lenders
may enjoy a turn-around-time of no more than 36 hours,
making this a very quick loan processing service that
can provide borrowers with up to $350,000 in a very
short amount of time.
Start Your SBA Loan Application here
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