What is a SBA Loan?
If you are like many other new business startups, you are looking for funding; without it, you won’t be getting very far and you might not even have the money to buy needed equipment and supplies. Aside from emptying your savings, asking relatives for the money or taking out a mortgage on your home, many small business owners are turning to the Small Business Association for the loans they need.
If you are like many other new business startups, you are looking for funding; without it, you won’t be getting very far and you might not even have the money to buy needed equipment and supplies. Aside from emptying your savings, asking relatives for the money or taking out a mortgage on your home, many small business owners are turning to the Small Business Association for the loans they need.
An SBA loan isn't necessarily a loan, it is more of a guarantee to banks and lending institutions that the SBA will pay off a percentage of your loan if you default. There are many different types of SBA loans available to small businesses including those for:
Although these are some of the more specialized loan programs, the following are the most popular choices for many of today’s small businesses.
Continue reading the original post "Understanding SBA Financing"
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for more info about working capital loan don't hesitate to contact NHBS
or email us at [email protected]
phone: 1-888-308-7160
MONDAY - FRIDAY 8 - 4 P.S. T
- Export Assistance
- Disaster Recovery
- Veteran And Military Communities
- Caplines (To Help With A Short-Term Need)
- Businesses That are Working to Control Pollution
- Businesses Working in Areas Affected by NAFTA
Although these are some of the more specialized loan programs, the following are the most popular choices for many of today’s small businesses.
- 7(a) Loan:these are loans that can help new or existing small businesses get the financing they need. A 7(a) loan can be used for more general purposes, such as working capital, purchasing or renovating land or buildings or buying necessary equipment
- Microloan: This program offers smaller loans to help businesses get started or expand. They can be used for working capital, supplies, furnishings, inventory, or equipment.
- CDC/504 Loan: The CDC/504 loan program provides long-term, fixed-rate financing for major purchases such as buildings, land, or long-term machinery. The maximum amount of a CDC/504 Loan is $5 million.
Continue reading the original post "Understanding SBA Financing"
--------------------------
for more info about working capital loan don't hesitate to contact NHBS
or email us at [email protected]
phone: 1-888-308-7160
MONDAY - FRIDAY 8 - 4 P.S. T