Improvements in Small Business Lending

There are great improvements in small business lending according to the Small Business Administration. Small businesses are becoming a favorite of lenders, making it possible to get start up capital and purchase franchises for inspiring entrepreneurs.  According to the SBA they a record year in 2011, supporting more than $30 billion in small business lending across the country, all with thanks to the Recovery Act and the Small Business Jobs Act. There are also reports of an increase in small business lending by $3.5 billion from financial institutions, including many community banks. This is all great news to Small business owners.

Do You Need a Small Business Loan?

You may have had trouble in the past getting approval for a bank loan, however today there are many more funding options from traditional lenders available to you. If you are looking to get capital for new growth within your business, the SBA has many great funding options for you. The following are tips to help you get the capital you need to grow your business into a great success.

Finding The Right Lender

There are many different lenders in your community that offer SBA loans. To determine which is the right lender for you, visit your  local SBA District Office. There you will get help in finding a community or national bank that will best suit your funding needs. They will also offer you guidance in determine your loan eligibility as well as assisting you with loan application requirements. If you choose to do the search for the right lender on your own, find a bank or credit union that is a Preferred SBA Lender.

Create a Loan Proposal

Regardless to if you are looking for a regular bank loan or a SBA backed loan, you must submit a written loan proposal. This will show lenders your business plans for use of the loan, business growth and that your business is trustworthy in the repayment of the loan. Lenders want to know what you and your business are worth, a loan proposal must include but your personal and business financial documents for your net worth and sales projections. Be sure to complete all additional lending forms for an SBA back loan when submitting your loan proposal.

 

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When you apply with us, you’re applying with a trusted company that cares about your financing needs. We’ll take care of you through the whole process.

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