Once you have decided that your business idea is viable, you’ll need to figure out how you’re going to pay for this great idea of yours.
If you’re planning to start a business or expand an existing business, you might need financing help. SBA participates in a number of low-interest loan programs designed for business owners who may have trouble qualifying for a traditional bank loan.
To start the process, you should visit a local bank or lending institution that participates in SBA programs. SBA loan applications are structured to meet SBA requirements, so that the loan is eligible for an SBA guarantee. This guarantee represents the portion of the loan that SBA will repay to the lender if you default on your loan payments.
The SBA Loan Application Checklist provides a listing of forms and documents you and your lender will need to create a loan package to submit to SBA.
Learn more about SBA Loans.
{ 3 comments… read them below or add one }
Good afternoon,
Interested in getting a business loan a.s.a.p. Need proper assistance in steps that need to be taken to get my business started.
Very respectfully,
Katie Gladney
Katie:
The best place to start learning about a business loan is any local bank that does SBA loans. They can walk you through the process and explain the requirements.
Aaron
Bank loans are tough to get for small businesses unless you have a spotless credit history and lots of collateral. There are loans through local economic development agencies through money provided by SBA, USDA, EDA, etc These funds are lent to local Mississippi economic development agencies to help spur economic development and create jobs, unlike the banks who are looking strictly at credit scores. There is an online directory at for these programs at businessloanfunds.com/mississippi