There’s no denying the outstanding contributions provided by small businesses in this country. These companies have been known to annually create approximately two-thirds of the new jobs for growing populations while providing significant returns from the tax revenues received, all critical to producing a healthy economy. However, there are specific details involved in setting up and managing small businesses that would require immediate attention prior to venturing into this profession. There’s also the need to acquire crucial information regarding small business loans that may be key to the success of the business.
The usual procedure to jump-start a small business is to apply for a small business loan through the Small Business Administration (SBA). While the average SBA loan granted has been approximately $417,316, the maximum loan amounts that have been approved have been up to $5 million dollars and higher, depending on the total business mission. Now that you know that fact, let’s take a look at why you should start a small business in Michigan.
Starting Small Businesses in Michigan
In the past, one of the common problems small businesses have encountered has been trying to obtain financing for the long term at reasonable interest rates. The introduction of Certified Development Companies (“CDCs”), which are SBA companies that work with qualified lenders to help small businesses go through SBA loan approval processes, has assisted countless business owners in obtaining funding for financing their businesses. Michigan has various CDCs to choose from that offer SBA 504 and SBA 7(a) loans that are typically used for business expansions and acquisitions. Michigan’s CDC goals are to help set up businesses that’ll establish a flourishing economy to serve the public, provide needed jobs, and increase the local standard of living. This makes it an exemplary state in which to open small businesses.
A New Business Venture
It’s highly advisable that all prospective owners seek knowledgeable sources to guide them during the SBA process. One of the most important steps of owning a business will be going through the SBA loan approval processes, so guidance is necessary if the potential owner wants to achieve satisfactory results. However, it’ll also be helpful to find the type of assistance that can advise on all aspects of the small business setup. The U.S. Small Business Administration supplies an enormous amount of useful information regarding funding businesses, acquiring licenses and permits, managing and growing businesses, as well as providing business counseling.
To learn more about SBA loan approval processes in Michigan, visit our website or contact us to answer any questions you may have. We can help you get the loan you need for your small business.