Small Business Loans Government Guarantee
small business loans government guarantee
SBA small business LOAN PROGRAM FEES SUSPENDED
It is a great time to apply for an SBA 7(a) Loan. The SBA announced this week that it is suspending 7(a) Loan Guarantee Fees, which means it will cost thousands less to get a business loan. The government estimates that this policy will only be in place through the end of 2009, so now is the time to apply for a loan
The SBA 7(a) program is the primary loan program provided by the small business administration. This program was designed to help small businesses that otherwise could not obtain a conventional bank loan. The SBA minimizes the risk to lenders by guaranteeing a portion of the loan. The SBA can guarantee as much as 80% on loans up to $100,000 and 75% on loans of more than $100,000
Uses Of The 7(a) Loan Program
You can use the SBA 7(a) business loan to purchase equipment / machinery, business acquisitions, expand or renovate business facilities, leasehold improvements, working capital (only a portion of an SBA loan can be used for working capital, generally you will also need to provide receivable to collateralize the loan), refinance some debts, seasonal lines of credit, the purchase of commercial land or buildings (not to be used for investment purposes ( your business must occupy a portion of the building / land) , & finance seasonal lines of credit.
(a) Loan Terms, Fees & Collateral Needed
Repayment terms on the SBA 7(a) loan program is usually up to 25 years for real estate, the purchase of large machinery / equipment (fixed assets) and 5 to 10 years for working capital.
The interest rate is generally between prime+1% to prime+ 2.75%. On loans below $80,000 the rates can be higher.Interest rates can be variable or fixed (depends on your lender).
Lenders like to see fixed assets (equipment, machinery, real estate) as collateral. They will usually ask for personal guarantees from the principals of the loan and may place liens on personal property & assets
Recommended SBA Loan Sources;
Provision Capital Corporation
Tel: 609-844-7615
Fax: 609-844-7756
About the Author
Robert Hall is CEO of Provision Capital Corp, A National provider of small business funding.
SBA is a ripoff. Why do we need the small business association?
I thought the SBA was supposed to support and help new and small businesses by filling the gap that regular commercial banks don’t want to risk because they are backed by the government. Trying to start a business without perfect credit in the U.S is a joke. I won’t get approved from the bank so I call the SBA and I’m told to go to my bank and ask them for a SBA guaranteed loan. Whuptie duh, my bank is going to look at my credit and because I don’t have over a 700 and a large sum of money for down payment, I’m screwed. So what’s all the bs about our president saying that they will be giving $30M to help support small businesses.
The Small Business ADMINISTRATION was never intended to give money to businesses.
The government supports capitalism by supporting the banks.
SBA provides many services.
Look at it.
http://www.sba.gov/
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