For those of us that are currently working on our own businesses,
there is always the question of when or indeed if, we should consider applying for financial aid, such as SBA
loans. Indeed, this is not something that you make a rush decision on nor something that you can just jump into
without doing some proper, preparatory research. In case you're wondering, yes you will have to do even more
research after the research you've already done to start up your small business.
In fact, it is things like this that make the small business owner
a rare breed (though this is changing). Business, especially when you're the boss or indeed the person that does
everything day in and day out, requires a certain mentality. You need to be able to set goals for the day, achieve
them and then be able to "switch off" when the day is done. Similarly, whether it be for SBA loans or new office
equipment or even staffing, there is a lot of fact-finding and research to do. And then you need to be able to make
a decision that is based on the evidence you've got, though there is a bit of instinct at work there as
That said, how can you figure out of going through the rigmarole
of the SBA is the thing that you need to do at this stage in your business career? Consider first that the SBA is
not actually in the business of handing out loans. They are primarily concerned with educating small business
owners about specific loan programs that they may need. This can vary from your basic loan to get equipment all the
way to real estate and retail loans. That said, SBA loans are primarily to help you in the application process. So
here again, if you find that you want to expand your business then this may be the thing for you.
Keep in mind however that you first need to understand which
program would be best for your business. For instance, you wouldn't want to try to get a real estate loan if you
enjoy working out of your home as a one person show. Similarly, the basic business loan would be no good for
someone looking to begin building a fleet of delivery trucks.
What SBA loans come down to is, you need to have a plan for
expansion and growth of your business as that will dictate, which program you need to find out more about and set
you on the right path.