How to Obtain an SBA Loan

How to Obtain an SBA Loan

The US Small Business Administration offers a variety of loan programs to those looking to start or expand a small business and who have trouble obtaining a traditional bank loan.  The types of loan programs offered by the SBA include:

  • Rural Business Loans
  • Loans for small exporter businesses
  • Loans for special purposes (for example, businesses seeking pollution control implementations, businesses impacted by NAFTA, and assistance for Employee Stock Ownership Plans)
  • Microloans – Small ($50,000 maximum) and short-term.  Limited purpose use, including working capital, purchasing inventory, supplies and equipment.
  • CDC/504 Loans – Long-term and fixed-rate financing designed for land and building purchases, to pay for extensive improvements/modernizations, or to construct new facilities.  Businesses seeking this type of loan must meet certain size requirements.  

To qualify for the above mentioned loans the business must be operated for-profit in the US, it must be independently owned and operated, and it may not be dominant in its industry.  The business owner must be financially invested in the company, including some personal assets.

For more details, visit the US SBA’s website

Devins Law Firm maintains strong relationships with many different banks.  Contact us and we can help put you in touch with a local lender!  

 

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