Given your business plan and your collateral situation, you might look for special loans funded by government development agencies.
If you are in the U.S., then you are probably looking for Small Business Administration (SBA) loans. The SBA is a federal government agency that guarantees bank loans to small business. The SBA has many different programs, including a micro-loan program with less paperwork than normal for smaller loans, some special programs for women and minorities, and a loan guarantee program for small businesses.
You apply for an SBA loan at a local bank, not with the SBA. The SBA guarantees the loan but the local bank processes and funds it. Many people misunderstand the process.
If you aren’t in the U.S., then look to your local sources for investment financing and government-sponsored development agencies. In Mexico, for example, Nacional Financiera offers development funding. Many economies have similar facilities for stimulating small business and economic development.
- Go straight to the source at the SBA website. This is one of the most useful government websites around, a wealth of information.
- Independent community banks.
- Radio talk show discussions of the SBA at the Small Business Advocate website.
Like this article? Please share it:
How LivePlan makes your business more successful
If you're writing a business plan, you're in luck. Online business planning software makes it easier than ever before to put together a business plan for your business.
As you'll see in a moment, LivePlan is more than just business plan software, though. It's a knowledgable guide combined with a professional designer coupled with a financial wizard. It'll help you get over the three most common business hurdles with ease.
Let's take a look at those common hurdles, and see how producing a top-notch business plan sets your business up for success.Click to continue