Applying for a Small Business Administration loan program will require understanding the available options and determining the best solution for the business. While UnsecuredBizLoan.com will help business owners obtain funding through the SBA, the appropriate loan will vary based on the company needs. Identifying the best SBA loan for the business is part of obtaining the appropriate funds.
Types of SBA Loans:
The application for funding through UnsecuredBizLoan requires finding the appropriate type of loan. Three SBA loan programs are available: the 7(a) loan, the Microloan and the 504 loan. All three programs are slightly different based on the particular type of company or financial necessity.
The three types of loan programs have a few loans available based on the particular business. The SBA loans are varied based on the need of the company.
The 7(a) Loans:
The SBA loans under the 7(a) category are designed for specific businesses or business needs. These are the specialized loans for companies that deal in certain circumstances that are uncommon for many small businesses.
The 7(a) loans are designed for export companies, businesses in rural areas or similar special circumstances. The funds are not issued to companies in most urban locations or that do not have another particular specialty that requires further development.
The Microloans are designed for one particular purpose: helping fund non-profit child care centers. As a non-profit company, funds are difficult to obtain and the Microloan program helps provide funds until other sources of income are available.
The 504 Loan Program:
The SBA loans through the 504 program, which is also called the CDC program, is the most common type available for most businesses. The loan is designed for development companies or businesses that are striving to help economic growth in the local area. The goal of the 504 program is job creation and growth, so many companies will qualify for this type of SBA loan.
The SBA loans are available to businesses who need to grow. Understanding the available programs and the businesses the funds are designed to help is the first step in qualifying for the cash. UnsecuredBizLoan can help business owners find the right lender in their local area for the appropriate SBA loan.
Start the application form on the right to apply for funding opportunities.