Are you starting a new business in Michigan, or does it seem like you have plateaued and you can’t get much more successful? Small Business Qualification can help you apply for and receive small business start-up loans that may help you out in many ways. Here’s what you need to know about small business criteria, a great loan package option, and what loan program is available.
Small Business Qualifications
According to the Small Business Association of Michigan, small businesses have fewer than 500 employees who possess annual gross revenues up to or less than $25 million or a three-year average of under $20 million. Earning this qualification can benefit your business in many ways. For instance, small businesses often have more credibility and trust in a market that is tired of major corporations.
Furthermore, you’ll get a Small Business certificate and a window or door cling that you can use for your business. You can also add the free digital logo provided by the SBAM to use on your website and email. This logo lets other people know you’re a small business and can be trusted to provide high-quality and customer-centered service.
The SBA 504 Loan
Did you know that small businesses like yours can also qualify for special loan types? According to TMC Financing, an SBA 504 loan most commonly has a 50-40-10 structure. This means that the SBA would cover 40% of the costs, the lender would cover 50% of the value, and you’d pay just 10% with a down payment.
These small business start-up loans are designed to help small companies like yours compete with bigger corporations that could otherwise push you out of existence. They often have fair interest rates that reduce repayment cycles and keep you financially secure. They’re a great option for Michigan businesses like yours needing help.
The Small Business Program
The Small Business Program in Michigan is designed to promote race-and gender-neutral small businesses and help increase competitively awarded contracts to small businesses. They also improve their contract opportunities and their overall success. MDOT runs this program and is a great option for companies like yours. Talk to SBP operatives in your area to learn more.
Furthermore, you must find small business start-up loans to help your firm stand out. Working with a trusted lender can streamline this process, as can getting qualified by the SBP as soon as possible. Contact us if you’re confused or need help getting through this process.