While you might have to do more paperwork than usual, you’ll probably also get more favorable terms with an SBA loan, and it would be a terrific opportunity for your business, especially if you’ve been turned down by traditional lenders. Of course, you’ll have to qualify for an SBA loan by being a for-profit business based in the US, and you will need to have tried other options first. If none of those other options worked out, then you should try some of the tips below for obtaining an SBA loan that will really be a boon to your business.
Try a Local Lender
Since most local lenders already have an SBA loan program and SBA-certified underwriters, your chances are better when applying locally. The SBA works with traditional lenders so that small businesses can obtain loans that will help them thrive and grow more stable.
Go to a Small Business Development Center
There is a great deal of guidance and support available at a small business development center. These are primarily funded by the SBA itself, which coordinates funding with the economic offices of the state as well as other organizations. Some of the assistance that you will get in one of these centers includes help with market research, healthcare guidance, manufacturing assistance, disaster recovery help, support for exporting and importing, business plan development, and procurement.
Make Use of Lender Match
If you don’t want to visit a number of banks to apply for a loan, you can take an easier approach by using the online tool known as Lender Match, which is another service provided by the SBA. This online service helps to make connections with a banking partner in just a matter of days. All you have to do is enter your information on the site, where it will be reviewed by an SBA official, and then you’re matched up with a specific bank. Then you just have to prepare the necessary documentation, such as years of experience in business, collateral, credit history, financial projections, business plan, amount to be borrowed, and usage of the funds.
Need an SBA loan for Your Company?
If you’ve applied to the SBA for a loan for your business, we’d like to hear from you. Contact us at KASHER Capital, so we can explore some opportunities for setting you up with a loan that will help your business obtain positive cash flow and experience growth.