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Showing posts with label auto repair. Show all posts
Showing posts with label auto repair. Show all posts

Friday, February 15, 2019

SBA Commercial Loan

SBA Commercial Loan - Growing your business!

SBA commercial loan funding is just what the Small Business Adminstration is about. So, if you are thinking about borrowing money (debt financing) from a bank, but are unable to . . . then consider obtaining financing from the Small Business Administration (SBA).

What does that mean? This federal agency loans no money itself, but instead guarantees 75 percent of individual loans made by private lenders, up to $750,000 (making the maximum loan amount $1 million).

How does this happen? When you go to a bank to ask for a loan, they need sufficient collateral from you or your request will be rejected.

What is the criteria? All business owners (or sharholders) that have twenty percent (20%) or more ownership are required to personally guarantee SBA loans.

The SBA also considers your good character, management capability, and owner's equity contribution.