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Lesson 3 

 getting a small-business loan

getting a small-business loan





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    If you'd like to have complete control of your business but you don't have the funds to begin, you might consider getting a small-business loan.

    To increase your chances of securing the loan you need, have a plan for your business, an expense sheet, and projections of your finances for the next five years. These tools will provide an estimate of how much you'll need to ask for and help the lender know that they're making a smart choice by giving you the loan.

    Make use of Lender Match to find lenders who offer SBA-guaranteed loans

    SBA-guaranteed loan are a fantastic alternative if you're having difficulty getting conventional business loans. If a bank believes that your business is too risky to lend money to then the U.S. Small Business Administration (SBA) may agree to guarantee your loan. This makes it less risky for the bank to lend money to your company.

    Small Business Investment Company (SBIC)

    SBICs are privately-owned and managed investment funds that are licensed by the SBA. They make use of their own capital, as well as funds borrowed with an SBA guarantee, to make equity and debt investments in qualifying small businesses. Find out more about the SBICs and find out if your company may qualify.

    Program to support Small Business Innovation Research (SBIR).

    This program encourages small companies to engage in federal research and development with the potential for commercialization. Find out if the SBIR's competition award-based program is right for your business.

    Small Business Technology Transfer (STTR) program

    This program provides funding opportunities for federal innovation research and the development industry. This program is intended for small-sized businesses that qualify. They work with non-profit research organizations throughout the initial and intermediate stages of their start-up. Find out if the STTR program is a good fit for your business..


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