SBA Loan Assistance
As an entrepreneur, you may know that applying for small business funding is vital to get your business to the next level. Whether you’re looking for loans or disaster relief Dooley Noted can provide guidance in the process.
Types of SBA Loan Assistance
The Small Business Administration (SBA) provides many options for funding for small businesses. Texas Small Business owners have options when it comes to funding, and we want to provide guidance through the process.
The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.
504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.
The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the microloan program for eligible borrowers.
The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for:
- Short- and long-term working capital
- Refinance current business debt
- Purchase furniture, fixtures, and supplies
The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs.
Economic Injury Disaster Loans
Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA EIDL:
- Small business
- Small agricultural cooperative
- Most private nonprofit organizations
Successful businesses need a strong legal foundation. If you need SBA Loan Assistance, Dooley Noted will guide you through the process, from start to finish. Additionally, we will offer quality advice for success in your industry.
SBA Disaster Assistance Loans
Businesses of all sizes in a declared disaster area are eligible for disaster assistance loans from the SBA. The SBA offers disaster assistance in the form of low-interest loans for physical and economic damage caused by major disasters or emergencies declared by the president. So, if you’re thinking of applying for a small business loan, it’s important to know how the SBA defines disaster and how that affects you and your small business.
According to the SBA, disaster is “[a]n unforeseen combination of circumstances that causes serious damage to a business, rendering it unable to continue operating as usual.” This includes civil unrest and natural disasters such as hurricanes, flooding, wildfires typically affecting at least 25 homes or businesses sustaining uninsured losses at 40 percent or more.
The EIDL is one of the most common disaster relief loans offered by the SBA. Learn more about applying for the EIDL.
Building Businesses through SBA Loan Assistance
Did you know you could start, grow or recover your small business with SBA loan assistance? The Small Business Administration (SBA) offers a variety of funding programs such as grants, microloans, express loans, and disaster relief funding to assist small businesses no matter their need.
Ultimately, the main goal of the SBA is to help small businesses get financing. They offer small business loans through various lending partners.
Sometimes the application process can be tricky, that’s why Dooley Noted is here to help business owners through the process.
It is important to be aware when it comes to accepting small business loans – be on the lookout for high interest rates and high fees! Shop around and look for competitive offers, and consider speaking with a Texas Business Lawyer, financial planner or accountant before you sign your next loan.
Additionally, it is always best to consult with a business attorney prior to signing any legal documents.
Dooley Noted can help you find a loan that’s most fitting to your business and even navigate the application process and serve as a representative for counsel and questions along the way.
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