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Octubre 26, 2010

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Expand Your Business With A SBA 7a Loan

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The government agency responsible for helping a small business get started is the Small Business Administration, SBA for short. SBA can provide the financing for a budding company to reach its full potential. They accomplish this by offering guarantees for large segment of loans designated for business development. SBA's role is not to directly loan small business owners’ money. Their function is to provide the backing to the small business owner when they apply for a business loan through local banks or lenders.

The qualifications for an SBA loan are quite different than qualifying for other business loans. Keep in mind SBA places more emphasis on the business plan and business history of the prospective borrower. Their charter does not allow them to guaranteed loans to businesses who are failing. The goal of the SBA is to provide their services to businesses with proven success record to grow their business even more. Even though the SBA loan program offers quite a selection of guaranteed SBA loans, the most popular loan program is the offered by the SBA is the 7(a) loan program.

Before seeking a SBA 7(a) loan is important to understand the role of the SBA during the business loan process. Financial lenders are more interested in making loans to businesses that have a well thought out business plan for growth and their current state of their business has shown success. Regrettably lenders have other requirements a business owner must meet if a loan is to take place. Some business owners armed with a great business plan and has the possible means of repaying the loan with future growth, the lender may still be hesitant to provide the loan.

If a loan officer gives a loan to a small business, they are responsible for the repayment of the monies they control. It is not unusual for them to consider the business loan as an investment. Their jobs offer them the opportunity to invest in some promising businesses that would be great to invest in except the business may not have the collateral to provide sufficient security on the loan in case the borrower is unable to repay the loan. The SBA role is to step in at this stage of the loan process. SBA is willing to guarantee part of the loan if the small business has met the SBA's requirements such as the solid business plan, history of being successful and the ability to repay the lender. By assuming part of the risk to the lender, they can help make the load happen.

The SBA 7(a) loan program for borrowers requires the business to meet reasonable requirements before approving the eligibility of the business for the 7(a) program. The SBA will not consider applications businesses who do not meet these requirements. The basic list o requirements for the SBA 7(a) loan limits the small business definition and defines the types of businesses will meet these qualifications. The SBA has also established guidelines on the money received from the loan on how it can be used. These restrictions may affect the borrower’s eligibility for future financing.

Non-profit businesses are not eligible for the SBA 7(a) loan. When applying for the 7(a), a business must provide the SBA the proper documentation and a business plan outlining their ability to repay the loan. If you are law-abiding with a business history of paying your bills and paying off your debts, then the SBA is more likely to consider your application.

The SBA 7(a) loan program has a maximum ceiling of $2.0 million for any loans they guarantee to the lenders. In the business owners favor, the SBA regulations place restricts on the interest rates a lender can charge, how length of time to pay back the loan, any lender fees, and other areas regarding financing of loans.

Private lenders provide the loads to small businesses and they must be in accordance with published SBA guidelines. It is not unusual for specific terms of a SBA loan to vary from business to business. The Certified Lenders Program is operated by the SBA. Lenders who qualify for this program can offer the borrower a faster loan review process. The SBA rules for certification are quite extensive and require the lender to have an excellent history of providing 7(a) loans to deserving businesses. Using a Certified lender is in the best interest of the business owner to secure a loan to expand their business. Categoría: Servicios Financieros y Bancarios: Franquicias


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