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| Small Business Administration |
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| U.S. Small Business Administration Loans
The U.S. Small Business Administration (SBA) provides a number of financial assistance programs for small businesses including 7(a) for special business classes, Microloans to $50,000, CDC/504 long-term loans up to $2 million, and disaster assistance loans. Their web site covers eligibility requirements, SBA’s loan programs, surety bonds and the role of SBA, equity capital topics, special purpose loans, SBA partner topics and 7(a) lender programs. Though the SBA does not provide grants to help you start a business, they do provide information on organizations and sites that can assist you in locating special purpose grants. http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs
SBA loans are originated by banks and guaranteed in part or whole by the federal government. When you interview potential bankers, ask to speak with their SBA loan officer. Bankers who are familiar with the SBA lending process will have a separate department for SBA lending and will ususally be able to expedite the process for you. Be prepared to submit a full finance package, without shortcuts - which for many becomes an exercise in frustration if they choose to try it alone. The SBA will also want you to offer whatever collateral you have available as security.
Call us at 253-279-4067 for your FREE consultation and referral to an SBA-approved bank loan officer near you.
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