Lendio.com – Small Business Loans –
From starting up or expanding your business to recovering from disasters, SBA loan programs are available to help your business succeed.
You can explore various types of loans that may be available to you, including: 7(a) loans, which are part of SBA’s most common program; real estate and equipment loans; disaster recovery and even exporting!
It’s important to understand SBA’s role – the agency doesn’t lend the money directly to entrepreneurs to start or grow a business, but sets the guidelines for loans that made by its partners (lenders, community development organizations and micro-lending institutions). SBA guarantees that these loans will be repaid, which eliminates some of the risk to the lending partners.
Check out the resources here on SBA.gov to gain insight about the financing options you have throughout your business ventures, along with information about loan credit factors, how to prepare your loan application and a helpful checklist.
And when you’re ready, find SBA lenders in your area with this search tool. Discover the size and types of loans being provided, then contact one of the Lender Relations Specialists listed to learn how you can get started.
Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.
Use of Microloan Proceeds
Microloans can be used for:
Inventory or supplies
Furniture or fixtures
Machinery or equipment
Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.
Repayment Terms, Interest Rates, and Fees
Loan repayment terms vary according to several factors:
Planned use of funds
Requirements determined by the intermediary lender
Needs of the small business borrower
The maximum repayment term allowed for an SBA microloan is six years Lendio.com – Small Business Loans
Gives 7(a) loans to eligible borrowers for starting, acquiring and expanding a small business. This type of loan is the most basic and the most used within SBA’s business loan programs. Borrowers must apply through a participating lender institution.
Certified Development Company (CDC) 504 Loan Program
Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
Offers very small loans to start-up, newly established or growing small business concerns. Lendio.com – Small Business Loans SBA makes funds available to nonprofit community based lenders which, in turn, make loans to eligible borrowers in amounts up to a maximum of ,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
Help small businesses meet their short-term and cyclical working-capital needs through the SBA umbrella program called CAPLines.
Pollution Control Loans
Provides financing to eligible small businesses for the planning, design or installation of a pollution control facility.
U.S. Community Adjustment And Investment Program (CAIP)
CAIP is a program established to assist U.S. companies that are doing business in areas of the country that have been negatively affected by the North American Free Trade Agreement (NAFTA). To be eligible, a business must reside in a county noted as being negatively affected by NAFTA, based on job losses and the unemployment rate of the county.
Lendio.com – Small Business Loans