For many new business borrowers, federal-backed small business loans are often the only available holy grail. SBA business loans interest rates are among the most aggressive among lenders. Maintaining track of the Small Business Administration s rates and terms are just part of an effective, smart approach to getting a business loan. Here's what you need to know.
The SBA is a federal government agency designed to help America reach her full potential by assisting businesses in starting and growing. It was established in 1965 with the mission of promoting small business, rural development and economic protection for all Americans. For you as a business owner, applying for this loan means a better chance at getting approved. The SBA insures that you will be able to get your loan funded, and it also acts as your consultant in case you have any trouble getting approved with local lenders.
But how do you know if you'll get approved? The answer varies from business to business. For instance, if your credit score is below 580, you might not even get a call back. You may be waiting for over a month to hear whether or not you were approved. Business owners with unwise financing decisions, bankruptcy history, a poor credit score or a business in a troubled sector may not get their loan funded. But don't worry; there are other ways to ensure you'll get approved for your SBA business loan.
Your lender's lending process is just one of several factors considered when you apply for an SBA business loan. They will look at your venture plan, your capital and working capital requirements, your anticipated income and expenses and more. As long as these guidelines are met, you are sure to get approved. Your lender will also take into consideration your personal credit, your business' cash flow and your past credit history.
SBA loans can be used for a wide range of purposes, such as expanding your business, purchasing new equipment or making improvements. However, these loans should not be used to make purchases that exceed your company's expected sales and revenue. These are known as speculative business ventures. As an owner, you must exercise caution when you use SBA loans.
Keep in mind that the lender is offering you a loan, not giving you free money. A business loan requires collateral – usually your company's property – to secure the loan. In the event of default, the property can be repossessed by the lender. When applying for an SBA business loan, be sure to provide a complete and accurate business plan. A well-prepared business plan is your best chance of getting approved.
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