Small business owners often need to find financing to help grow their businesses. The United States Small Business Administration has been helping small businesses since the middle of the twentieth century. They work with lenders to form loans that have attractive terms for business owners. A portion of these loans is also backed by the SBA, and this gives lenders more reason to approve applications. There are a few different kinds of SBA loans available for business owners.
Loans for Disaster Relief
The Small Business administration has recently created some new loan programs to help business owners in certain circumstances. One of these new SBA loans helps business owners who were victims of natural disasters. This kind of funding can get businesses money quickly in the event of an emergency. This program is called the Express Bridge Loan program and gets funding quickly for business owners. This covers the gap while they wait for funding which takes longer to reach their accounts.
Loans to Help the Community
When business owners have been turned down for traditional financing, it might seem frustrating to find a loan to boost their operations. Community Advantage SBA loans help people in areas where finding financing is difficult. These loans work with businesses to teach them ways to run their businesses more efficiently so they can turn a profit. Sometimes, good businesses are overlooked by traditional lenders and denied a good opportunity. Even when a person’s credit isn’t perfect, if they have the right plan in the right market, these types of loans might be just what they need.
Loans for Other Purposes
Many other loans are backed by the Small Business Administration. One of the most common kinds of SBA loans is the 7a loan. This is the most general type of funding that is backed by the SBA. If a business owner isn’t a victim of a natural disaster and isn’t located in an underserved market, then a 7a loan might be right for them. Most lenders that deal with the SBA offer 7a loans. A business will have to go through an application process and provide documentation to be able to be approved for this loan.
The Small Business Administration helps make dreams come true for business owners every day. If you have been frustrated by finding financing for your endeavor, you might find some solace in an SBA-backed business loan.
Are you looking for financing options for your business? If so, Synergy Commercial Funding is ready to help. We offer a wide range of commercial finance services to help businesses of all sizes achieve their objectives, whether it’s purchasing new equipment or purchasing a new commercial property.
Interested in creating a second line of income just by talking with your existing network? Want to help the economy grow by helping businesses around you grow? Think about becoming a Synergy Commercial Funding Partner. Visit our "Referral & Broker Program" to learn more.
