Small Business Loans By The SBA, and How To Get One?
Posted by Jo on July 8th, 2013
Giving Your Business the Boost It Needs With Small Business Loans
So… you’ve started your new business, Hooray. Now, after all the fun ends, its time to take care of one of the most important aspects of your small business – Capital. Some lucky business owners, already have their hands on the necessary funds that will “carry” their “baby business” until it starts producing revenue. But; what’s the plan if you don’t have access to such funds? Can you still open your business? Are you, forever condemned to work for the big guy ? Can you get your business funded at reasonable terms, without having to wait for some rich uncle to die ? Well, to answer simply, – yes. Government programs like the SBA (Small Business Administration) Program, offers help to business owners and entrepreneurs in funding their business.
The SBA (Small Business Administration) – Helps Small Businesses Grow With Small Business Loans
Although, there are many financial institutes that can fund a loan for your business, the SBA has an advantage. The SBA does not lend money directly to businesses, instead, they guarantee the payment of the loan to the lender. This allows lenders to offers loans with a minimal risk and at a more “friendly” rates and collateral. See; the SBA is like a middle man between you and the lander, a middle man that makes the lender feel more comfortable with the loan. If you own a small business, you might be eligible for a small business loan from the SBA. Go to WWW.SBA.Gov to see if you qualify.
Got Approved? Great! – Now What?
First suggestion is to create a business plan including a financing plan. After that, you should file for articles of incorporation, open a checking account and apply for a business credit card. Build your business step by step and make sure, your money is working for you and not the other way around. Set goals for your business, analyze your progress and you should be alright.
We thank you for taking the time to read our article about small business loans and the SBA.
Credit Monarch® wishes you success with your business plans. If you wish to see more from us, about this topic please comment below.