Archive: June 2013

Some small business needs are just that – small. When a hefty business loan is not required, a Small Business Administration (SBA) Microloan may fit the bill. This program is designed to help those who might not qualify for a traditional SBA loan because of low cash reserves, poor credit or lack of business-running experience. With the help of just a small sum of money, these businesses can often get off the ground. Loan Limits and Terms Experts have calculated that it costs about $30,000 […]

Small Business Administration (SBA) loans are made through approved, private lenders, with most of the terms being negotiated directly between the small business owner and the lender. This includes the interest rate, within certain limitations. The SBA has set maximum rates for lenders, but it is possible to work with lenders to get a better interest rate. Maximum Loan Rates The SBA has determined that lenders can charge borrowers a certain amount more than one of three established rates. […]

The Small Business Administration was created in 1953 by the U.S. government to promote the economy by providing financial assistance to small companies. The SBA has a number of loan programs to help fund most small business needs. These are made available by approved, private lenders with the aid of SBA financing. 7(a) General Small Business Loans The 7(a) is the most common SBA loan and has a maximum cap of $5 million. These loans may be used as short or long-term working capital. They […]