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An Overview Of Small Business Administration Loans
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If you want to expand your business, or even gain access to start up business loans to start a new one, there's a good chance you'll need a bit of financial help. The Small Business Administration participates in a wide variety of loan programs designed to help you if you have trouble qualifying for a traditional loan from a bank.
Obtaining small business administration loans begins by contacting a lender that participates in small business administration programs, which will offer you an SBA loan application that meets specific requirements to make sure your loan is eligible for a guarantee from the administration. This guarantee means that a portion of your loan will be repaid to the lender by the SBA if you default, which makes these bad credit business loans possible.
Loans for Expanding or Starting a Business
One of the most popular small business administration loans is the basic 7(a) loan program, which offers 7(a) loans to individuals who want to start, expand or acquire a small business. These basic loans are the most widely used and you can apply through a participating lender.
Another option for growing businesses is the certified development company (CDC) 504 loan program, which is a form of long-term financing with a fixed interest rate for large fixed assets like land.
Perhaps the most common type of start up business loans is the microloan program, which is a small loan up to $50,000 for start-up or newly established small businesses. This money from the Small Business Administration is provided to nonprofit community-based lenders who then make loans to eligible borrowers with credit decisions made at a local level.
Veteran Community Loans
Veterans and military members can also take advantage of unique programs offered by the Small Business Administration, including bad credit business loans to establish or grow a business. One program is known as the Patriot Express Pilot Loan Initiative, which offers financial assistance for veterans and military members who want to expand or establish a small business.
The SBA also offers a military reservist economic injury disaster loan, which provides funding for small businesses to meet regular and required operating expenses that could have been met but for an essential employee being called to active duty as a military reservist.
Special Purpose Loan Options
The Small Business Administration also provides a range of special purpose loans, such as CAPLines, which helps small business owners meet short-term, cyclical working capital needs, and the pollution control loan, which offers funding for the planning, design and installation of a pollution control facility.
Finally, a unique loan through the SBA is the U.S. Community Adjustment and Investment Program (CAIP), which is designed to help businesses operating in areas of the U.S. that have been hurt by the North American Free Trade Agreement (NAFTA), which is indicated by job losses and a high unemployment rate in the county.
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