Bank of Commerce is recognized as a Preferred Lender by the U.S. Small Business Administration. However, recently, the Small Business Administration has introduced a new loan program and made some changes to an existing loan program, in order to make it easier for merchants to gain access to business funds. SBA loans cannot be made to a small business if the borrower has access to other financing that offers reasonable terms.
The SBA business plan provides such guidance so that one can manage the business efficiently from the start to the finish. We can offer you up to $5 million to start or acquire a business, refinance debt, obtain inventory or working capital and start or acquire a franchise business.
SBA’s resource partner network, including 63 SBDCs with over 900 outreach locations, over 100 WBCs, and 11,000 SCORE volunteers nationwide, along with online training, assists more than one million business owners and entrepreneurs each year. The Small Business Jobs Act of 2010 permanently increased the maximum size of these loans from $2 million to $5 million.
The organization does not offer grants or direct loans, with the exception of disaster relief loans, but instead guarantees against default pieces of business loans extended by banks and other official lenders that meet the agency’s guidelines. Even the most successful businesses look for loans to help grow their business in order to keep up with the competition and market demands.
Small Business Administration (SBA) loans can include construction/permanent commercial financing. The SBA does not provide grants or direct loans with the exception of Disaster Relief Loans. These requirements could include the number of people who work for the business, the average income and profit of the business and the type of business.