Loans Available From the Small Business Administration
Events in your business can occur that put you in the position of needing money right away. The Small Business Administration has a variety of financing that can help you through the rough patch and help you achieve your goals. Here are a few sba loans to consider.
Express Loans
Business owners who need cash right away can apply for this type of financing. If you intend to borrow less than $100,000, you can use the money for anything your company needs with little proof of how much you or your organization makes. However, amounts more than this must be used towards purchasing equipment for your facility or for working capital. You are also required to turn in an income statement for you and anyone who owns a majority share of your corporation. Another qualification for this type of sba loan, regardless of how much it is for, is that the organization must be over a year and a half old and you must be a citizen of the United States.
The Community Advantage Loan Program
This category of lending is designed for companies that might have issues getting cash from a bank to take care of their needs. A business owner who is interested in this program can borrow up to $250,000 when they apply. You must provide your financial records and tax returns to be considered. However, the organization that is awarding the sba loan to you will weigh your ability to get financing in your industry higher than it will your statement. The amount that you must repay is made affordable to you so, despite what your profit will be, you can get the money back to the group that gave it to you. If you qualify for this, talk to your representative at the Small Business Administration to see what your next step is.
Microloan Program
At times a business needs a little boost to get ahead. A microloan is lending that is less than $50,000 and can be used for equipment, inventory, and working capital. The only aspects of your company that are exempt from this is purchasing property or settling old debts. This type of sba loan is a great option for a new organization that is getting started or one that hopes to get bigger. If you need a little cash instead of a huge investment, you will want to send in your application for this immediately so that you can be considered.