Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Venture Capitalism and other Entrepreneur topics.
When it comes to small businesses, we've got one government entity on our side. The Small Business Administration. From grants to loans, the SBA has everything an entrepreneur could need.
The SBA 7(a) loan program helps small businesses that might not qualify otherwise for a loan. It's a flexible loan in that it can be used for a variety of purposes, including:
504 Loan Program
The 504 loan provides long-term, fixed-rate financing for real estate, machinery or equipment if you're currently expanding. These are considered “brick and mortar” financing solutions, and are perfect if you want to buy commercial real estate.
Microloan, 7(m) Loan Program
The SBA can lend you up to $35,000 for inventory, supplies, furniture, fixtures, machinery and equipment with its microloan 7(m) program. This loan is available in select locations only.
If you want a loan for $250,000 or less, take advantage of the SBA's loan prequalification program. SBA experts analyze your application and help you make it as strong as possible, based on your company's financial history.