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SBA Loan Essentials

How the SBA 504 Loan Program Can Benefit Your Business

The SBA 504 program provides small business owners with loans to expand or buy their own commercial real estate. The loan terms typically include: 90 percent financing, 25-year amortizations, fixed interest rates, and no balloon payments. These loans are provided through partnerships with community-based nonprofit lenders which are referred to as certified development companies (CDC) […]

What You’ll Need for Your SBA Loan Application – Avoiding the Catch 22

Each loan program has its own paperwork, but by assembling the documentation and information that will be typically required for most of them, you can make the process more streamlined. Personal background. This can include previous addresses, other names used, criminal record, education and other pertinent information about the borrower. Resumes. This may be required […]

The Ins and Outs of SBA Loans – What are the Appropriate Uses, Fees, and Interest Rates

Appropriate Uses of Funds Borrowers can use 7(a) loans for: Long- or short-term capital needs. Revolving funds for inventory and receivables. Purchases of equipment, machinery or furnishings. Real estate purchases, both undeveloped and developed. Building new facilities or updating existing ones. Launching a new venture or acquiring and or expanding an existing business. Refinancing prior […]

The Basics of the SBA Loan Program: 7(a) and 504 Loans

Types of Loans The U.S. Small Business Administration (SBA) has a variety of loan programs on offer for small businesses. There are four main types of loans available, each with different qualifications: 7(a) general small business loans. The most common loan program with financing for businesses meeting specific requirements. Microloan programs. Small, short-term loans to […]

The Ins and Outs of SBA Loans – 5 Myths about SBA Loans Debunked

Misconceptions abound about the loan programs offered by the U.S. Small Business Administration (SBA), potentially discouraging many small business owners who could benefit from these programs from even considering them. Knowing the truth about these loans expands your options when you need them most The myth: The loans are only for borrowers who have bad […]