Small businesses are a vital part of the American economy. They employ half the workforce and create 60 percent of new jobs in America. Fortunately for anyone looking to pursue their dream of business ownership, the Small Business Administration (SBA) has programs and incentives that can help you obtain the capital to get it started.
SBA, founded in 1953, has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. They not only guarantee loans to small businesses, but also work to get small businesses capital in other ways, too. In February, the SBA announced it had launched a new online marketplace that will match potential SBA loan candidates with bank lenders in all 50 states.
Here are the three steps for getting an SBA-guaranteed loan:
- Prepare: Before you apply for a loan, there are several things you may want to get in order. During the small-business loan application process, you may be asked for some or all of the following: personal background, resume, business plan, personal credit report, income tax returns, financial statements, bank statements, and other legal documents. Your lender might ask you: why you’re applying for the loan, how the proceeds will be used, what debts you have, or what needs to be purchased.
- Find a lender: Because the SBA doesn’t lend directly to businesses, you’ll need to find a lender. Once you’ve found the right one, contact one of the lender relations specialists at the SBA to get started.
- Apply: Once you’re prepared and have found a lender, you’re ready to actually apply for the loan. You’ll also need to fill out a statement of personal history and a personal financial statement. Make sure you have everything in order so your lender can submit your application to the SBA, and then you’re finished.
Finding capital to get your start-up off the ground is often times the most challenging part of business development. Time and time again you see entrepreneurs jumping into the “tank” of capital lending to find someone willing to financially support their mission and vision. With SBA loans, business owners can get much-needed access to capital so they can grow their companies and create more jobs.
Fortunately, My Annapolis Office believes that investing in your business doesn’t have to be a financial hardship. My Annapolis Office is a full service office space provider with everything your business needs to succeed—the space, the place, and the support staff—at prices you can afford. We offer a prestigious business address, fully-furnished executive office space, live phone answering service, reception services, meeting rooms, high speed connectivity, and many more options that can be customized to meet your business’ needs. Our business center supplies you with all of the amenities of a large business park at a price that fits any budget.
Before you take a dip in the lending pool, come take a look at My Annapolis Office and see what we can do for your business. To learn more, call 410-656-1600 or visit us on the web at www.MyAnnapolisOffice.com.
Sources: US Small Business Association, Baltimore Business Journal
