Applying for SBA Loans

U.S. Small Business Administration (SBA) has been offering millions of counseling sessions, contracts, loan guarantees, loans, and other types of assistance to small businesses. SBA offers support essentially through its four programmatic functions.

SBA offers small businesses with a diverse range of financing for small businesses, entrepreneurial development, government contracting and advocacy. SBA provides counseling for small businesses and low-cost training to promising entrepreneurs and established businesses.

If you’re thinking about starting your own business, SBA offers some tips to assist you in your decision-making process.

1. Create a business plan using resources and tools that can help you map out how you will operate and manage your business effectively.

2. Get business assistance and business training. Trainings usually include preparing a business plan, getting financing, and expanding a business.

3. Select a good business location. If you’re unsure of the location, ask around on how you can find a customer-friendly location.  Get help with zoning laws.

4. Get financing for your business.  There are government-backed loans, venture capital and research grants available out there. Find the right one that’s best for you.

5. Know your business’ legal structure. Decide which ownership is right for you.

6. Learn and understand the legal steps you need to take to hire employees.

So, if you’re planning to start or expand your business and you need financing, you can apply for SBA loans.  There are several kinds of SBA loans available for business owners like you.

First thing that you have to do is visit a lending institution or a community bank that offers SBA loans. For starting or expanding businesses, SBA programs include Basic 7(a) Loan Program, Certified Development Company (CDC) 504 Loan Program, and Microloan Program.

For disaster loans, SBA offers Disaster Assistance Loans and Economic Injury Loans.  Export Assistance Loans include International Trade, Export Working Capital, and Export Express. Veteran and military community loans are also available: Patriot Express Pilot Loan Initiative and Military Reservist Economic Injury Disaster Loan. Special purpose loans such as CAPLines, Pollution Control Loan, and U.S. Community Adjustment and Investment Program (CAIF) are also offered.

If you have decided to apply for an SBA loan, there are several documents that you need for your application. Direct loans are not provided by the SBA. The local institution will submit your loan package to the SBA once you have completed your application.

As a business owner applying for an SBA loan, you need to complete an SBA Loan Application form. You need to also complete a personal background statement. Another document that you need to have is a personal financial statement. You also need a business financial statement, a list of ownerships and affiliations, and a business certificate or business license.

For SBA application, you also need to submit your business income tax returns for the past three years, your personal tax returns for the previous three years, and your personal resume.

If you want assistance in applying for SBA loans, contact Lendio  855-853-6346.

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