President Obama in his state of the union address announced a proposal to give 30 billion to community banks for the purpose of using the funds for small business loans. The funds are assumed to be regulated through the SBA but no details have been given as to date. The White House will announce details in the upcoming weeks.
The SBA has long championed the small business community and has offered many loan types to accommodate just about any small business. You can learn more at http://www.sbaloans-
Here are a few tips on how to get SBA loan funding:
Learn about the different loan types and which ones you would qualify for.
Learn about what paperwork you will need for your loan type and any special requirements that that loan may need.
Become familiar with the SBA and how they operate. This is a government agency and you will need to be prepared to deal with the bureaucracy.
You will need a business plan. In most cases for small business loans this is not a complicated document to put together. You should consult your loan officer about some of the requirements of the business plan to insure that it is done properly and according to the SBA guidelines.
Be come familiar with the community banks that will be participating in this program. Each bank is different and independent of the SBA. Even if the Small Business Administration gives you a go ahead with the loan it is ultimately the banks final decision.
In addition to the 30 billion that will go to community banks the President is also proposing a 33 billion tax credit for small businesses that hire new employees or increase wages. Look forward to having these programs available to the small business owner in the upcoming months. Learn more by visiting this article on the 30 billion community plan.
http://www.sbaloans-
