How can sba help me

Long-term funding to expand export sales or modernize to contend with foreign competitors. The SBA also offers funding through lines of credit , small-business grants and loan programs for veterans.

Next steps to getting an SBA loan:. Will your business qualify? Learn about SBA loan requirements. See current SBA loan rates. Per federal rules, participating lenders base SBA loan interest rates on the prime rate plus a markup rate known as the spread. Note that the APR on a loan is different from the interest rate. The APR is a percentage that includes all loan fees in addition to the interest rate.

Fees for SBA loans usually consist of an upfront guarantee fee, based on the loan amount and the maturity of the loan, and a yearly service fee — based on the guaranteed portion of the outstanding balance. The SBA reassesses its fee structure each year. The loan term will depend on how you plan to use the money. The current maximum maturities are:. Working capital or inventory loan: 10 years. To qualify for an SBA loan , lenders typically like to see at least two years in business, strong annual revenue and a good credit score, which starts around If your business is struggling, an SBA loan is probably out of the question.

If you think you qualify, the best place to start is the SBA website, which includes a loan application checklist.

Use this to gather your documents, including your tax returns and business records. Here are some of the documents you will need before applying:. The SBA offers a convenient Lender Match tool to match potential borrowers with lenders within two days.

Ask your potential lender these questions:. How experienced is your staff in the process? What is the dollar range of the loans you make? In general, a bank with multiple years of SBA experience will be able to better guide you, including letting you know your chances of being approved. Banks will follow SBA guidelines but use their own underwriting criteria to evaluate loan applications.

To qualify, you must be in good financial standing and able to show personal and business tax returns for the past three years. The time it takes to get approved for an SBA loan will depend on the lender you choose.

With a bank, the entire process — from approval to funding — can take from 30 days to a couple of months. Short on time?

Once your application is approved, your lender is responsible for closing the loan and disbursing the loan proceeds. You repay the lender directly, usually on a monthly basis. SBA loan changes: fall Small businesses often assume that they can't compete for government contracts because they are so small, but the SBA aims to level the playing field.

Many government agencies require that some percentage of their purchases be set aside for small businesses, so you may be able to get in on these contracts.

If you are interested in becoming a government contractor, check out the SBA's online course, " Government Contracting It works the same for all types of businesses. Businesses that want to export products can also find help from the Small Business Administration through its exporting division. For example:.

Here are some other resources for local and online information and training:. That's a lot! And I didn't even cover half of what the SBA does to help small businesses. So next time you hear about the SBA, remember they are not just for loans. Start with your local SBA office and see what services and training opportunities are available in your area. Actively scan device characteristics for identification.

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Select personalised ads. It also has a loan program that connects small businesses with different financing options. Over the years, the SBA has helped entrepreneurs all over the nation with loans, contracts, counseling and other types of assistance. The SBA assists small businesses in four main areas: financing, education and training, government contracting, and providing a voice in policy matters.

These programs are aimed at helping entrepreneurs start their businesses and keep them thriving. The SBA aims to connect small businesses with affordable lending options that are suitable for different needs.

The SBA helps to connect small-business owners with government contract opportunities, and offers guidance on how to win contracts. This arm of the agency does independent research on key areas of interest and speaks up for small businesses before Congress and other policymakers. The online and personal consulting resources offered by the SBA can help you put together a business plan.

The SBA can also offer valuable tools for a strong launch. The SBA has a course that walks you through a detailed business plan. From market research and competitive analysis to helping you calculate and scope out funding for your startup, SBA resources can assist you with the statistics and info you need to develop your idea and act on it.

Besides helping you decide which business structure to use, the SBA may be able to connect you with specialized funding opportunities depending on your situation too. There may be specific opportunities for veterans, women and minorities that the SBA can help you find.