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These articles and related content is not a substitute for the guidance of a lawyer , tax, or compliance professional. When in doubt, please consult your lawyer tax, or compliance professional for counsel. This article and related content is provided on an” as is” basis. Sage makes no representations or warranties of any kind, express or implied, about the completeness or accuracy of this article and related content. Join our Sage community to speak with business people like you. While they can be useful, spreadsheets do have their challenges when it comes to accuracy and manual data entry.

As mentioned above, there are different SBA loans that cater to specific business types, needs, and industries. You may qualify for one SBA loan program over another, or find that one is a better fit for you. You’re probably familiar with programs such as Microsoft Excel or Google Sheets. There are lots of easy-to-use business admin spreadsheet templates you can find online to record your income and outgoings.

There are other reasons why a direct lending program isn’t the best idea. Given that they have not historically offered loans directly, the SBA naturally does not have the necessary infrastructure readily available. The current proposal involves the SBA partnering with community development financial institutions to process the loans and earn a fee, while the SBA holds the loan and does the rest. It is not unreasonable to assume it could take at least a year to staff, train and set up back-end computer systems for the program.

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This would speed up the process and reduce manual error while providing a richer data picture. It’s the main thing that is going to help existing lenders meet the needs for smaller loans. Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program’s primary objective. In other words, the problem of small business credit lies with small businesses being unable to provide a satisfactory loan package of data that the bank can understand and lend against. For example, take a four-month old business set up to sell home improvement supplies online. While their business may be thriving, it’s unlikely that they would be able to secure funding via traditional methods due to their limited time trading.

However, by accessing their accounting, banking, and commerce data, banks would be more confident in their ability to fund the business while sensibly managing risk and minimizing costs. Free advice is also available via the SBA’s SCORE program, which has hundreds of chapters nationwide to support entrepreneurs at every stage of their journey. Or if you’re ready to make your application, learn how to get a small business loan.

Because of all the complexities of international trade, the specifics of the SBA’s export loans deserve their own article. That said, business owners who are interested in this kind of financing may want to contact an SBA export finance manager or get in touch with SBA’s Office of International Trade for more information. There are also several other criteria businesses must meet in order to qualify for a CDC/504 loan, many of which are set forth by the participating CDC.

These include community-development and public-policy goals, such as creating jobs, improving the local economy, and expanding economic opportunities to disadvantaged or underrepresented communities. Another popular type of business financing the SBA offers is the CDC/504 loan program. This type of loan is designed for businesses seeking to construct or purchase commercial real estate.

Working capital loans usually are repaid over a period of up to ten years, or up to 25 years for commercial real estate loans. You’ll get free support and guidance to help write your business plan, and successful applicants get up to 12 months of free mentoring. Apply for https://www.wikipedia.org/ a government-backed Start Up Loan of £500 to £25,000 to start or grow your business. COVID-19 EIDL loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, and a 30-year maturity.

With the exception of its COVID-19 disaster and 7 Express loans, the SBA loan programs above all have similar application processes. Ordinarily, 7 loan applications take between five and 10 business days to process, but Express loan applications typically are processed within 36 hours because they require less documentation. Note that these estimates refer only to initial application processing and are based on complete applications with all required supporting documentation. The actual time it takes for funds to be dispersed can be weeks, if not months, so prospective applicants should bear this in mind before submitting an application.