3 Steps for Getting an SBA Loan for Your Small Business
Getting an SBA loan might seem overwhelming to a new business owner who isn’t sure how to go through the process. It’s important to note that SBA loans were intended for a business that is small and just starting up, so there’s no reason to wait until a different time or skip applying.
See How a Local Lender Can Help
Local lenders can provide SBA loans. Many banks and financial institutions that are considered small or local have the same types of loans you would get through an SBA development center, but without the hassle of going somewhere specific. For a business that already has an account with a particular bank of their choice, this is a useful way to get started getting the funding necessary. Talking with a banker at the institution can provide either more information or a gentle push in the necessary direction to the bank’s SBA program.
Check Out the Small Business Development Center for SBA Loans
Heading to the local Small Business Development Center in town can provide more information on loans. These development centers offer more than just loans. There’s a variety of other services that include getting help with planning business, market research help, picking the right healthcare plan for employees, and even assistance with disaster recovery. Taking advantage of a Small Business Development Center means they’re already aware of the situation as a new business owner starting out and can help find the right kind of loan to match.
Try Out Lender Match
If the above options aren’t preferred, Lender Match is another way to get a loan without dealing with a traditional bank or business center. When using Lender Match, information gets filled out on a form online and matched with lenders who are willing to work with the business plan and conditions. Some information needed for this includes the business plan, credit history, financial projections, industry experience, and how much money is needed, to name a few items. This can provide more options than just visiting one bank or center to get a loan.
Getting SBA loans might seem overwhelming, but it’s important to know about the different options on the market. While traditional lenders are always a possibility, there are Small Business Development Centers that can help as well. Lender Match is another option that provides more choices on different lenders to work with. For the new business owner who needs options, these are helpful ways to get started.