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How Can SBA Loans Help Your Small Business?

Small Business Administration (SBA) is most commonly associated with corporate finance. However, the SBA can help your business before and after launch, from day-to-day management to changes and growth of your business. 

 

 While most SBA offerings are available to all businesses, some loans and programs are only available to small businesses. The SBA considers industry standards and other factors when defining a small business. The SBA can help you in the following ways: 

 

 Business Loan Assistance  

 

 The SBA does not make loans and you do not have to be rejected by two banks to apply for SBA assistance with a business loan.

 

 The SBA offers loan guarantees for lenders to help you qualify for a business loan. He then acts as a co-signer. 

 

 You can find out more about working with the SBA from any bank. You can also ask the SBA for help finding lenders. Yes, obtaining a loan with an SBA loan guarantee requires additional time and paperwork, but the help of the SBA can mean the difference between  a loan and a non-loan in many cases.The SBA Linc program can help you connect with SBA lenders. Before lenders contact you, you must first register and answer a few questions. It's a great idea to speed up the loan process! 

 

 SBA Loan Programs 

 

 SBA loan programs are regularly updated and changed. The following SBA-backed general and specialty loan programs may be of help to you: 

 

 The 7(a) Basic Loan Program is designed to help existing and new businesses obtain financing.7(a) loans can be used for a variety of business needs such as: B. as working capital. 

 

 equipment and property in developing regions are eligible for a loan of 504 "GB". To qualify, your business must be located in a growth-oriented location. The 

 

  Small Business Administration also offers specialty loans for those who meet certain criteria, such as: B. Patriot Express for Veterans, Export Loans, Smaller Microloans to Support Startups, and Capline Loans. 

 

 Disaster relief 

 

 One of the SBA's most important tasks is to help small businesses affected by disasters.Material and financial support can be offered. 

 

 To expedite the loan process, local SBA offices often set up dedicated service areas. These loans are insurance for the lenders and not direct financing for the company. 

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 Other SBA Disaster Relief includes loans to freelancers who  lost their jobs due to a natural disaster and tax assistance to help business owners complete their disaster year tax returns. You should also read her tips for emergency preparedness.

 Research and development contributions 

 The SBIR/STTR contribution is an initiative of the SBA. SBIR and STTR stand for "Innovation Research for Small Businesses"; and "Technology Transfer in Small Businesses"; appropriate. The SBA coordinates these initiatives.