SBA financing sources
 

 

When you want to start a business or are looking to expand on an existing one, there are many ways that you can achieve this even if you do not have adequate funds. There are many loans available to help you from banks and other lending institutions. You can even source the funds from private lenders. This may not always be to your advantage and you may have to approach other agencies in order to get money. There are government funded programs that can help you access the funds that you need. The Small Business Administration (SBA) loans are there to give small business owners a chance to grow or start a business.

There are numerous programs that are there to help you but you must know what is required so that you can improve your chances of securing this type of loan. For you to be eligible for an SBA loan, you must have been turned down by a private financial institution. You have to have a formal denial from the lenders so that you can proceed with the application process.

A well constructed business plan is an important aspect of the SBA loan application process. The information that you put here will let the lenders know what and how you intend to use the money. It should also describe by the purpose of the business, the business structure and the length of time it has been in operation. You also need to have some financial information of the business plus all the individuals who own at least twenty percent of the business.

Tax statements for the last three years and your profit and loss statements for the next two years based on realistic sales from the last three years will also be required. It is also important that you have a complete detailed resume that covers all the relevant experience. Take your time when preparing the required documents when you want to increase your chances of getting an SBA loan.

Mercy Maranga writes content on Finance and Finance Management. Visit her site here for more information on Loans and how to effectively manage them. Cash Loans

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