SBA – The Parachute For Small Busineses!

Sometimes getting any kind of loan can be heartbreaking. You have a profitable operating small business that requires expansion to keep up with the competition, or you want to start a new business; all this involves money, and locating a financial source with a friendly ear to listen to your plea. You hear about a friend who got an SBA loan, so you make plans to get your paperwork in order, and give it a try.

Most business men and women recognize the three letters: SBA – Small Business Association, but some may not know that this government entity is not the one actually handing out the money directly to a small business applicant. But the SBA leads the league in helping people finance or expand their business. Although SBA may appear to be hiding in the shadows, they will certainly simplify the loan process, making it much easier to get the attention and approval from your local bank or credit union.

SBA is loaded with a variety of programs for specific purposes; ergo, at first, it’s wise to take time to visit the SBA Web site and review the programs being offered to see if you qualify. The SBA 7(a) loan program is the most popular, and offers financing for a business with special needs; like being located in a rural area. The Microloan program is one that offers short-term loans to certain types of small businesses, and non-profit child-care centers. Finally, the SBA 504 program is used more for development type loans, business growth, and creating jobs.
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