Contrary to popular belief, the SBA only guarantees loans will be made to small businesses through locally approved lenders. The loans that the SBA guarantees for local businesses can help small businesses raise the capital they need to ensure that they are able to grow fund their own business’s growth.
However, it’s important to understand that it’s up to a business owner to contact the SBA to see what loans might be available to the business. Also, keep in mind that certain lenders only make certain types of loans so you have to qualify for the type of loans you are seeking. You will have to call around and ask who makes what types of loans in order to be able to get the loan your business needs.
]The following are some great tips for helping your business secure the loans that you need to help your business grow once you reach out to the SBA:
- Be sure to go looking for a loan with a plan in mind. A well thought out plan can go a long way in helping the SBA guide you to the right place to find the loan you are looking for.
- The SBA is here to serve local and small businesses, so reach out and use the tools they are willing to offer to help you find the loan your business needs. You are not alone in this. Take advantage of the resources that are offered to you.
- Be sure to do your homework and come up with the loans that will meet your needs the most closely. Figure out how much of a loan you can afford to take and come in prepared with numbers and what you will need to make a deal on a loan.
Remember that you are not in this alone. The SBA is there to help you find the loans you need to grow your business and help it thrive. Reach out and get the help that is there. It’s waiting for you.
For more information on using the SBA to help secure your business the loan it needs to grow please feel free to contact us at Business Capital Providers for more information.