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Noviembre 4, 2010

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Obtaining A Franchise Loan Through The Small Business Administration

The thought of applying for a business loan usually incites dread and frustration, but in all likelihood financial assistance will be needed for anyone considering buying a franchise. Understanding the options can make the process of securing a franchise loan less stressful.

Those interested in a franchise loan should start by looking into whether or not a loan from a commercial lender is feasible. The primary objective should be to find a loan that’s either free from fees or has low fees, matures over an extended period of time, and has a low interest rate. It may take a bit of homework to find the most ideal franchise business loan, but the difference in the bottom line cost will be worth expending the effort.

Lenders already familiar with the potential loan applicant, such as a bank where he/she has a savings account or history of lending, are great starting points to inquire about a loan. Make sure that all personal and business finances are in order before meeting with any lending institution. The potential applicant should also have a concrete business plan in hand before meeting with a lender. In the event that the business loan application is turned down because the applicant is deemed too large of a financial risk, it’s time for the applicant to get acquainted with the Small Business Administration (SBA).

For those not familiar with the SBA, it’s a federal agency that’s been around since 1953. One of the primary purposes of the agency is to aid, council, assist, and protect the interests of small business. The SBA accomplishes this by offering multiple loan programs that provide assistance to small businesses. The SBA doesn’t actually supply the loan themselves. What the SBA does is guarantee loans made to small businesses by other institutions. This guaranty essentially gives the lending institution a formal assurance that the debt will still be paid in the event of a default.

Many franchises are likely to already be involved with the SBA. If considering the SBA guaranteed loan programs as a funding option, be sure to call the franchise to ask if it’s already on the SBA Franchise Registry. If the franchise is already registered, the paperwork process is far less complicated and the loan application is usually expedited.

Loan applicants should be aware that it doesn’t matter if the franchise is registered or not, the commercial lending institution granting the loan and the SBA are going to investigate the applicant thoroughly. The SBA “get to know you” process will involve questions that not only examine business knowledge, but personal character as well. The guaranteed loan programs section of the SBA website provides detailed information about how to get process started and what‘s to be expected.

Categoría: Belleza: Franquicias del Sector de Belleza


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