Financing a Business With Help From the Feds: SBA Loans and Other "Special Programs" (Series: BUSINESS BORROWING BASICS)
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A new or expanding business may want to consider looking to the United States Small Business Administration (“SBA”) for help with financing. The SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan. Such programs are not direct loans from the government but, rather, involve a government guaranty. The guarantee typically covers between 75% and 90% of the loan, thus eliminating much of the risk for the actual lender and enabling the lender to offer more favorable to borrowers. The downsides are that additional paperwork needs to be filed, extra fees need to be paid, and it takes longer to get a decision. This webinar focuses on two such programs (504 and 7a), and touches on some other alternatives borrowers have to leverage the government’s support of small businesses.
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