Are you looking for small business administration loans? Many small business owners find they need help getting started or maybe expanding their business.
One of the best places to start is with your local
Small Business Administration Center (SBA).
The SBA centers have become one of the largest networks nationwide in offering assistance to many small businesses. They offer not only assistance with SBA loans, but also workshops, online training courses, business assessments and much more, all which are free.
So if you find yourself needing a
small business loan,
you want to make sure your local SBA office is your first stop.
However, before you look for any of the small business administration loans, you need to have a business plan. A good business plan should include at least the following:
- explain what resources you need
- what you want to accomplish
- the desired purpose for your business.
You may also want to include how you plan to use the loan proceeds, and how you can repay the loan.
If you don't have a business plan, don't worry, the Small business centers have certified counselors to help you write a winning business plan. Once you have a good business plan in hand they can get you lined up with the appropriate SBA lenders. The lender will then analyze your application to see if it meets their criteria as well as SBA’s requirements. The lenders do most of the analyzing before guaranteeing the loan.
Many small business owners have been able to obtain small business administration loans when they were not able to obtain financing on their own. If you have a small business that has real potential, then an SBA loan may be what you need.
Here are some of the questions you want to be able to answer:
- what is the purpose of the loan,
- amount of investment you, the owner will be making,
- how much experience the principal owners and managers may have,
- projection of income, expenses and cash flow,
- your personal financial statements.
Also here is a list of things SBA is going to look at:
- ability to repay the loan,
- your business plan,
- equity invested in the business,
- owner’s character,
- owners experience and commitment,
- sufficient funds, including funds from loans, to operate a sound financial new business,
- sufficient collateral to secure the loan.
This is only one option for you to look into for a
small business loan,
but don't forget you have other options should you need them.
small business administration loans - see simple small business ideas