How to Find an SBA Loan
Starting a business requires a need for capital. Finding capital can be the hardest part of starting a small business. The Small Business Administration (SBA) offers a variety of loan programs to help small businesses obtain funding to get started. Finding an SBA loan will require researching and comparing SBA approved lenders.
- Contact the
Small Business Association (SBA). The agency has a website, sba.gov,
and lists all of it's services and programs online. The website can
give you SBA-approved lenders in your area. There may many to choose from, or just one or two. Either way it is best to make a short list of possible lenders. - Get your
financial records in order before meeting an SBA-approved lender.
This includes the business plan, banking statements, corporate tax
information, articles of incorporation, tax returns for the last
three years, resumes of important people involved and requests for
financing. The credit of the important persons (owner, investors, etc) may need to be checked as well. - Work closely
with the loan officer or SBA rep to find the right loan to suit your
needs. Not all SBA approved lenders can provide the type of loan
you may need. Be sure to ask the needed questions about loan types,
play back and amounts given. - Work closely
with the SBA loan officer. You will need to work with the SBA
approved lender to make sure the loan fits your needs. Some programs
may provide interest-free loans while other programs provide small
businesses with venture capital programs to yield high returns.