Running a small business is expensive, and small business owners often have trouble qualifying for loans. The Small Business Administration is an organization that backs loans made to small businesses. One of the programs the SBA runs is the Small/Rural Lender Advantage initiative.
This program is intended to improve loan processing in rural communities by streamlining and simplifying the SBA’s processing procedures. The initiative is a part of one of SBA’s broader goals, which is to foster and support economic development in rural communities.
This initiative includes several key features including a simpler, streamlined process for SBA loans of less than $350,000, one page applications for loans beneath $50,000, and loans processed through SBA’s Standard 7(a) processing center. Routine loans can be processed in less than five days, and lenders can send applications using fax machines.
SBA offices offer training on SBA program requirements, as well as a loan eligibility questionnaire to help certain smaller lenders meet the SBA’s eligibility requirements. The SBA guarantees 75 percent of rural loans with values over $150,000 and 85 percent of loans with values less than $150,000.
B&I Loan Program
Businesses located in rural communities may be able to qualify for special financing backed by the USDA. The U.S. Department of Agriculture maintains this program and guarantees as much as 80 percent of loans from commercial lenders. If you qualify for such a loan, you can use the proceeds for certain types of debt refinancing, real estate and buildings, equipment and machinery, and working capital.
The SBA also backs other types of loans for small businesses as well. If you believe that your business could benefit from an SBA loan, you can learn more about them on UnsecuredBizLoan.com. You can also use our simple online application to apply for an SBA loan. Just answer a few easy questions, and UnsecuredBizLoan will match you with a lender capable of providing you with the SBA loan you need to keep your business competitive. There are no application fees or obligations involved. If you don’t like the offers you receive, you don’t have to follow through with the loan.
To apply for funding for your small business, use the form on the right to begin the application process.