The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nation. Small Business Administration 504 loan programs offer long term financing opportunities to be used for fixed asset purchases by small businesses. If you don’t think doing a business plan will improve your business, then don’t do one. At this time, the Office of Small Business (OSB) in the Department of Commerce also assumed some responsibilities that would later become characteristic duties of the SBA.
Regardless of the age or size of your business, our SBA lending experts can guide you through the process, from the initial comparison of loan programs, to application, processing and funding for your business. HUBZone is an SBA program for small companies that operate and employ people in Historically Underutilized Business Zones (HUBZones).
The IRS will withhold any tax refund expected by the former business owner and apply the amount toward the loan balance. The organization does not offer grants or direct loans, with the exception of disaster relief loans, but instead guarantees against default pieces of business loans extended by banks and other official lenders that meet the agency’s guidelines.
It is the least expensive and long term form of financing for business owners to typically purchase fixed assets, buildings and properties with minimum down payment. If you’re a young business with limited revenue, consider Fundbox, which does not require a minimum revenue or personal credit score.
MARKET DEVELOPEMENT: according to Ansoff, one new opportunities of business is through market development. Over half of Americans (61 percent), say they would be encouraged to start a small business if they knew where to go for help. Local SBA offices and other resources: Here you can search by zip code to find your local SBA office, women’s business center and other similar resources in your area.