October 27, 2017 | small business administration | No Comments
SBA small business loans are offered to start-up businesses by the Small Business Administration or the SBA, in order to provide them financial assistance. Entrepreneurs, small business owners and lenders have limited time and resources. The Small Defense Plants Administration performed initial screening and provided counseling services to small businesses and provided certification that they were qualified to receive government contracts.
Amounts and Financing: Small businesses can borrow up to $2 million if the funds are used to meet public policy goals, such as minority business development or business district revitalization. The SBA is also streamlining the certification process and data for federal contracting and continues to aggressively root out fraud, waste and abuse in small business contracting to ensure that contracting dollars go to deserving small businesses.
Currently, it provides direct loans for fisheries sector, rural development, and for small businesses. SCORE volunteers work with the SBA to provide small business mentoring and training to entrepreneurs through SBA offices. Instead, they work in partnership with various private-sector lenders, community development organizations and micro-lending institutions to provide these loans.
Qualifications and Restrictions: You must run a for-profit business in the United States or its territories that has some equity from the owners, who must have already invested personal assets in the business. Wealth creation was the number one rated catalyst to start a small business with 47 percent of Americans listing the potential to make money as what would motivate those most to start their own business.
Benefits of SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep their cash flow for operational expenses and spend less on debt repayment. The loans simply offer access to capital at lowest costs without the requirement to give up equity.… Read More