If you are looking to get funding for your small business, you’ve probably noticed that it’s getting harder to do in the current market. There is still one resource that is dedicated to sole proprietorships, the self-employed, and small businesses. This is the Small Business Administration. So, what is the SBA Loan program, and how can you benefit from it? Read on to learn more.
The funds for SBA loans come from the same major banks that they always do, but the funds are subsidized through the Small Business Administration. Therefore, the federal government backs them. To get approved for one, you must contact your local branch of the Small Business Administration. Ask to have your case assigned to an agent for review.
So what does this mean for you? You will be able to get funding under a program that takes into consideration the special needs of new small businesses. Namely, that you haven’t had a great deal of time to build up revenue and that you haven’t been in business for a long time to build your company’s credit report.
Once you are assigned an agent, he will sit down with you to either help you create a new business plan or work out the details of creating one (if you haven’t already). Once you have that, on top of the rest of the necessary documentation, he should get you in touch with lenders that work with the SBA to get you your SBA Loan.