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. One option to consider is an SBA loan through a local bank. 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.
Before you go, watch this video from Joe Mancuso, founder of CEO Clubs:
“How to Borrow Money Without Signing Your Life Away Joe Mancuso” on YouTube:
Another useful tool is the SBA Loan Application Checklist. 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.