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Complete SBA Loan Guide

Complete SBA Loan Guide

Small business lending has never looked so good, which is great both for small business owners and our local economy. In fact, by the end of the 2014 Fiscal year (Sept 30) the Small Business Associations 7(a) Loan Program has approved over fifty-two thousand loans for nearly 20 billion dollars (that is a 12 percent increase from the 2013 fiscal year). What does this mean? Now is most certainly the time to look into your borrowing options, as in previous years SBA lending saw decreases. Small Business loans can be a treacherous territory to navigate, so we have prepared a brief guide to help you understand what an SBA loan is, the benefits and your best options for getting one!

What is an SBA Loan?

First, the SBA does not lend money. A lot of people think the SBA provides grants to small business owners, but that is not true. The SBA is a government guarantee program that issues guarantees to decrease the risk to the bank when lending to small businesses.

Available SBA Loans 

There are several lending options open to businesses, each suited for different needs. The 7(a) loan program is great for small businesses looking for a line of credit because it can act as working capital, be used as revolving funds or to refinance existing debt. The SBA Express Loan program is a subset of the 7(a) program that makes the process much quicker and can be used to finance multiple business activities and no collateral is required for loans up to $25,000. For more available options or for questions contact Celtic Bank.

The SBA also offers various programs for veterans and business owners with disabilities, so be sure to look into all your options. Additionally the SBA offers disaster relief programs for home or business owners dealing with disaster recovery.

Each type of loan has their own criteria for approval, see your lending officer for more information about how to apply, and what documentation you will need to provide. Overall be sure to have a completed business plan, personal and business financial history including tax returns as well as proof of repayment. For more tips on getting your SBA loan approved, click here.

For a complete overview of the Small Business Administrations loan programs head over to the Small Business Loans Guide on SBA.gov

Small businesses creates 63 percent of new jobs in our country each year and contributes to 50 percent of the overall U.S. workforce, so now really is the time to make your small business shine, loo into financing options today!

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