The SBA was created on July 30, 1953, by President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A. The Small Business Act was originally enacted as the “Small Business Act of 1953” in Title II (67 Stat. 232) of Pub.L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The “Reconstruction Finance Corporation Liquidation Act” was Title I, which abolished the Reconstruction Finance Corporation (RFC). The Small Business Act Amendments of 1958 (Pub.L. 85–536, 72 Stat. 384, enacted July 18, 1958) withdrew Title II as part of that act and made it a separate act be known as the “Small Business Act”. Its function was and is to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns”.
Armed with some basic knowledge and you BizAnalyzerTM Score you are ready to begin the process of applying for your loan. Determine your monthly repayment amount, then choose the loan type that fits your business needs.
Government small business loans help put your own business within reach. First there’s the quest for a decent location, then comes building a customer base, followed by all the initial hiccups of generating a cash flow before your business grows roots and gains momentum. The beginning of a business is crucial because it’s when you gain or lose market credibility. If you disappoint your customers, they may not give you a second chance. If your business gets off to a rocky start (most do), and you believe you can recover but need further financing to make this happen, you can apply for government small business loans.
A business line of credit provides access to flexible cash. Lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.
There is probably a better way to resolve this. If you allow your social security payment to be used as a payment source, it will continue for the rest of your life. We can help you with this, but you need to contact me very soon. Please call me at 619-279-7522 or email me at [email protected].
Minimum requirements to apply: Many of our financing options require a minimum of 1 year in business and $100,000 in gross annual revenue. OnDeck serves over 700 industries, so it’s likely that we’re able to work with you.
Those with poor credit in a business-to-business environment that have receivables can use them as collateral. Alternative lenders, such as so-called Internet lenders, will charge higher interest rates, but generally have more relaxed standards.
Keep in mind that since you don’t have a business started up yet or you’re just starting out, you likely have to borrow money based on your personal finances. For this reason, you’re more likely to qualify for startup financing with a strong personal credit score (720 or higher).
At BFS Capital, we provide better funding options for a variety of small businesses. Plus, we’re there for you when you need to make fast investments, striking while amazing business opportunities are still available. That’s because a number of our small business loan options can be secured within a couple of days versus the traditional weeks or months.
i defaulted on an SBA loan back in 2011, in 2012 they took my home as collateral. They would not so an OIC, and they got much less with the sale of the house than I offered. I have never heard a word from them since they took my house. I never received a 1099C either, or they mailed it to the house they foreclosed on and it was never forwarded to me. My question is, if I buy another home can they put a lien on that home if I own it with someone else? I have never heard from them, no garnishments of wages either.
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