The ILP Program anticipates meeting the needs of small business borrowers that face significant gaps in the credit market. Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if repayment is not made. Meeting and exceeding the federal government’s small business procurement goals continues to be an Administration priority.
The Small Business Jobs Act increased the maximum amount of SBA microloans from $35,000 to $50,000. According to statistics, SBA has so far helped over 20 million enterprises, with over 200,000 loans worth over 40 million dollars. So, you know by now that having a presence on social media is important for your business.
Women-Owned Small Business Designation – This designation allows preferential treatment to federal procurement opportunities. If you qualify as a small business, in order to receive SDB or 8 (a) certification, the owner of the business must be economically and socially disadvantaged.
If a company has been in business for at least two years, is profitable and has cash flow to support loan payments, it’s likely a good candidate for an SBA loan,” SmartBiz CEO Evan Singer says. In the lending process, they serve the purpose of setting the terms and conditions and regulating the loans.
If you are unsure where to start when applying for a SBA loan, definitely go to your local bank branch and see if they have a loan supervisor who works with SBA Loans. You’ll find that maintaining your business plan gives you a better grasp on your business, your market, and everything else that happens with your company.