GET A SBA LOAN FOR YOUR START-UP
S
BA (small business administration) is a 7(a)loan program. Out of all the different financing options which are available, SBA loan program is amongst the absolute best. SBA 7(a) loan program is focused on helping small business-owners with a bank loan when they need financial assistance. Getting your business started with a bank financing is an exceptionally good way to start out, if you can receive the assistance. It is recommended that you check out the 7(a)-loan program when searching for ways to fund your business. It is recommended for two reasons: • Compared to most other options it is better
• The bank will never tell you how to run your business as a requirement for the loan therefore it is less restrictions.
How the 7(a)-loan program works 1. First you need to apply for the loan with your local bank. 2. If your banker does not recommend it, you should ask for an SBA 7(a) loan. 3. Fill out the application and submit it with your business plan. 4. The bank will go over your application with the business plan to see if you meet lending
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guidelines. 5. Once approved your bank will receive a loan guarantee from the SBA. The SBA giantess up to 85% of loans of $150,000 dollars or less. 6. To get the SBA loan approved the bank must accepted SBA guidelines. SBA loan terms are longer, and the interest rates are lower than any other bank loan options. 7. Both the bank and you will be happy because the SBA guarantees 85% and they are not losing the risk of lending your business the money.
January 2021
