As mentioned in our Ultimate Guide to SBA Loans , there are two primary types of SBA loans: 7A loans and CDC / 504 Loans. Compiled by Robert B. Matchette et al. Washington, DC: National Archives and Records Administration, 1995. Business and data statistics: Research will become a second hobby as you plan your business. Personal guarantees are required of each person who owns 20 percent or more of the borrowing business.
Streamline, simplify, and strengthen SBA’s core programs and operations to ensure that they are high performing, effective and relevant to the needs of the small business community. Research conducted by the Association of Women’s Business Centers indicates that 64% of WBC clients in 2012 were low-income, 39% were persons of color, and 70% were nascent businesses.
Expanding your business or buying a new one, financing commercial real estate, buying out a partner, purchasing equipment for your business. Many businesses utilize SBA 504 Loans to purchase machinery or other necessary equipment, as well. Downside: Even though the SBA has tried to make it better, the time-consuming paperwork and red tape surrounding SBA loans is legendary.
Currently, it provides direct loans for fisheries sector, rural development, and for small businesses. Since the certified bank does much of the SBA’s work, the agency offers turnaround times of three business days for processing the application. The plan reflects the outlook of the business and in identifying the target in the market with the special mention of the existing clients and customers and the market share which the business is holding at present.
Buying or building an owner-occupied commercial property, or purchasing equipment for your business. Tax resource: Paying your taxes will be more complicated now that you own a business. Meanwhile, the San Antonio Small Business Administration district office also recognized the bank as the Lender of the Year in the area for fiscal year 2016.