When starting a business or if you need financial assistance for an existing business, there are several business financial loans. Depending on the size of the loan and the business will help in decisions about what is right for you.
Loans Guaranteed From Small Business Administration
The small business administration does not give you a loan directly, but can guarantee financial institutions that it will be paid. This loan runs according to the requirements of the small business association. 7 (a) loan programs are the most flexible and the most widely used SBA. The main types 79a) loans are express programs, export loan programs, rural lender excellence programs, special purpose loan programs, CDC / 504 loan programs, micro loan programs, and disaster relief loan programs. This loan is made for businesses that already exist and are starting.
Before Applying for Small Business Administration Loans
There are a number of things that you need to do before you apply for any loan program. Before getting a loan with SBA, you must first try to be funded through a different source. If the requirements are reasonable and you qualify, you don’t need an SBA.
If you do not meet the requirements, then you can apply for an SBA loan program if your business meets the requirements of being a small business. Check the types of loans they offer and make sure they meet the requirements. Make sure the program you submit will provide you with enough financial assistance needed. Look to see if there are specifications you need to know.
Financial Information for Business Finance
Some financial information for your business finances will differ depending on whether you already have a business or are just starting out. If you have an existing business, then you will need the last three years of financial statements. This includes your income statement, balance sheet and net worth. If you start a business, you must give them a one-year projection of income, cash flow, and expenses.