Three Options for Getting Money for Your Small Business

Three Options for Getting Money for Your Small Business

Three Options for Getting Money for Your Small Business: Yes, SBA loans must be made through banks, which do not lend money. However, banks are lending under the SBA’s programs rather than for their own loan portfolios.

Even though banks, who originate these products, are refusing to approve them, did you know that the SBA has been increasing the number and value of loans under $150,000 they back over the past three years?

based on most recent SBA data; The SBA guaranteed 14,520 loans under $150,000 in 2012, totaling over $802 million. After a down year in 2013, the SBA increased the number of these loans to 16,043 in 2014 (two years later), with a total volume of $955 million.

The SBA has reduced or eliminated fees on these smaller loans, which contributes to some of this increase. From the website of the SBA: “After reviewing the 7(a) Loan Program, the SBA decided to eliminate fees on loans of less than $150,000. A small business owner who obtains a $150,000 loan will, as a result, save more than $2,500.”

In conclusion, the Small Business Administration (SBA) is actually doing what it can to fund small businesses across the nation, including yours. What to look for: From working capital to commercial real estate, the 7(a) program provides almost any type of business loan imaginable.

The lending of equipment and real estate is the sole focus of the CDC/504 program. However, this is a fantastic program if your company requires either of these under $150,000, including renovations to your location. Additionally, the express program, which has a cap of $350,000, is an excellent program. easy and quick access to the necessary capital.

Now, a few quick advantages of SBA loans. The SBA’s guarantee accomplishes the following: These products usually end up being cheaper for the borrower in the long run because they limit fees and interest rates. Reduced requirements for a down payment let you keep more of your own money in your business.

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