A huge part of starting your own business involves figuring out the financial aspect. The Small Business Administration (SBA) can facilitate loans for you with a third-party lender or help you find financing options for your business, and its website contains information about a number of financial programs for small businesses. When you apply for an SBA-backed loan at your local bank or credit union, you are asking the SBA to provide a guarantee that you will repay your loan as promised.
To this end, the SBA provides a Guaranteed Loan Program, a Bonding Program and a Venture Capital Program. The SBA also offers a variety of loan programs for very specific purposes, including:
Read more about these financing programs and what they can do for you on the SBA website.
The application process for business loans can often be intimidating. The SBA provides great information and resources to inform you of what you can expect during the business loan application process. It’s also helpful to know what factors influence the decision of a lender when your application is reviewed.
The Small Business Administration is not the only entity from which to secure a business loan. State and local economic development agencies as well as nonprofit organizations provide low-interest loans to small business owners who may not qualify for traditional commercial loans.
The SBA also provides a Loan and Grants Search Tool to help you get a list of financing programs for which you may qualify.