Tag: Small Business Administration

Small businesses provide the majority of new job creation for our nation and yet pulling together the funding to become a successful, job-generating company can be very challenging. Small business loans are among the most desirable forms of financing a growing firm, but only about 20 percent to 25 percent of small business loan applications are approved on average. If your company is looking to secure some working capital from a traditional lender, here are five ways to put your best foot forward. 1. […]

The Small Business Administration’s 8(a) Program is designed to help socially and economically disadvantaged small business owners break overcome those hardships. Securing a spot in the program can be a huge windfall for growing companies, but the process is not easy. Here are some tips on getting in and making the most of the 8(a) program: In order to be a prime candidate for the program, your company should already have done some prior business with government agencies. The 8(a) program is […]

Small businesses often need commercial real estate loans to purchase property for their company. These mortgages can also be used to refinance existing loans or to get funding to redevelop properties a firm already owns. Whatever the reason, securing the loan is an important part of achieving the goal. Here are three important mistakes to avoid when applying for a commercial loan. A Lack of CashMost commercial real estate loans require a substantial amount of money for a down payment. Yet lenders […]

Thousands more American businesses will be able to seek financial help from the Small Business Administration as of July 14, 2014. By updating the size and asset standards it uses to determine loan eligibility, the SBA is making its broadest changes since 2008. The updates are based on inflation and on allowing companies to compete with larger competitors. Each industries standards are different, but some requirements were changed to include a greater number of employees that a firm could have. […]

While the process may seem complicated at times, SBA loans can provide very valuable capital to small businesses. Just be prepared to put in some time and persistence in order to realize the benefits.