SBA loans are an excellent source of funding for your business. The Small Business Administration offers a variety of loan guarantee programs. These programs help a business that may not qualify for a loan get approved on reasonable terms. The SBA does not actually give you the money, the commercial banks will loan you the money.
With SBA loans there is no limit to the amount of capital you can request. There is pretty good flexibility on how long you can take to pay the loan back. Most SBA loans allow for a maximum of 25 years maturity.
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You must have some sort of stake in the business. They want to see that you are willing to give some of your own money into the business. You will work harder if your money is at stake.
You must have a strong business plan. This business plan should be extremely detailed and tell exactly how you plan to make money and how you plan to spend the money you are requesting.
You need good personal credit scores. If personally you pay all of your bills on time, than chances are you will be diligent about paying back the business loan, and that is what the SBA wants to see.
There is a lot of importance placed on this. It would be wise to check your personal credit scores before you apply so you know where you stand when you go into speak with the lender.
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