The financial aspect of running an enterprise is one of the most confusing subjects for many business owners. Most new and seasoned business owners do not know which direction to turn when getting proper funding. Many make grave mistakes that cost them a lot in the short and long run. Therefore you should learn about … Continued
At some point in the life cycle of a business, it will likely need a loan. Business loans help fund the growth of small business entities or fill in some financial gaps. Many entities provide small businesses with loans. The US Small Business Administration provides loans and helps build the capacity of the small businesses … Continued
Businesses are essential in societies. Most people regard big business entities more highly than small businesses. However, small businesses are often the driving force in a local economy. They employ many and get products and services as close to the people as possible. According to SBA statistics, only 0.01% of the businesses in the US … Continued
Taking out a business loan offers many benefits. For instance, business owners regularly rely on loans to fund the expansion of their facility, add a new facility, procure equipment, and obtain the working capital necessary to hire labor and purchase inventory. Before applying for a business loan, it is essential to do your research and … Continued
One of the most important considerations when taking out a loan is the length of the approval period. The SBA loan approval process takes two to three months with most lenders. The procedure necessitates patience, as potential borrowers must complete several forms and undergo verification which we will discuss today. SBA 504 Loan Approval Time … Continued
The SBA 504 loan is a loan that SBA-approved Certified Development Corporations (CDCs) approve, close, fund and service. Prospective borrowers choose a CDC that serves the location of their project, and the CDC will work with a financial institution (usually a bank or credit union) to gain approval from the institution and the SBA. The … Continued
The 504 Loan is an attractive financing option designed by the U.S. Small Business Administration (SBA) to support and promote small business growth. With a minimal deposit and a fixed interest rate below the market, the program is more detailed about what you can do with the funds. The funds must be used to for … Continued
Many start-ups don’t see their operations beyond the second year due to the high cost of starting and running their operations. In fact, only 48% of small businesses overall have their financing needs met according to Fundera.com. Most small business owners consider loans instead of grants like an smb startup grant because of the many … Continued
The US is home to more than 32 million small businesses accounting for 99.9% of all US businesses. Over 902,000 of these businesses are in Michigan. Due to the pandemic and tough economic times, you may be looking to secure small business loans in Michigan. How you prepare for an application or pitching plays a … Continued
When you’re applying for any kind of small business loan, just like any other major loan type, there will be a few major factors that influence whether or not you and your business qualify. Knowing these in advance is vital, as it helps you prepare the certain areas so you’re likely to be approved for … Continued