Who (corporate golf events) can apply for an SBA Business Loan?
No commentsBy Irish Taylor
There is no doubt that small businesses play a big role in the growth and development of a nations economy. The government is well aware of this fact. And with this in mind, the government has put up the Small Business Administration or the SBA to support small businesses in the United States. This agency was founded in 1953 in accordance with the Small Business Act.
It is important to understand however, that the SBA does not directly provide financial loans or business loans. The SBA was designed to assist smaller businesses whose loan applications were declined by banks or private lenders. If youve tried applying for a business loan before and your application was rejected, you can contact the SBA for help. In turn, the SBA will be the one to assist you in finding the right lender who would be willing to grant you the loan you need.
There are 5 business loan programs available through the SBA. These are the Loan Guarantee Program for start-up and growing businesses; the 504 Fixed Asset Financing Program for business construction projects and land purchases; the MicroLoan Program which amounts up to $35,000; the Economic Development Program which provides free counseling and low-cost training; and the 8(a)-Business Development Program for those who are considered as socially and economically disadvantaged small business owners.
SBA Loan Restrictions
The approval of your loan depends on four basic elements- the type of your business, the size of your business, the purpose of your loan, and special circumstances.
To be approved, the applicant must be the owner or must have made a reasonable investment in the business. It should be a small business, meaning it should be independently owned and dominant in size. The business loan must be use for purchasing business equipment, stocks, real estate, for renovation, or as a working capital. Special Circumstances applies to business franchises, clubs, farms, fishing boats, schools, etc. The SBA has set special rules and regulations if a business falls to qualify under this category.
An SBA loan cannot be used to pay off existing debts or delinquent taxes. In some cases however, a business can be approved if it can present that refinancing would be beneficial for the company and that these debts were not a result of uncontrolled spending or financial mismanagement.
Who else are not qualified for an SBA loan? Certain business types are disqualified and these are businesses with questionable foundation or illegal activities. Examples are gambling businesses, pyramid schemes, lending activities, real estate investments, and the like. Non-profit and religious organizations are also not acceptable.
In summary, remember that:
* in order to be considered for an SBA loan, you must first have been turned down or rejected by a commercial business loan lender;
* the SBA does not directly provide business loans but coordinates with lenders and financial institutions on behalf of small businesses;
to get approved, a business must be able to pass the SBA requirements and guidelines for small business.
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Irish Taylor is a bussiness loan consultant with SBA Loans for Startup Business
and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA Loans
and Unsecured Loans
. Copyright 2008
A Tale of Two Taxis
By Drew020
Actually I cheated. It’s a tale of lots of taxis, but that didn’t look nearly as good as a headline so I took the liberty of artistic license, forgive me. But you’ll really like this story, I promise.
So here’s what happened. A few days ago I was at eBay Live’, the annual event for eBay sellers, which was held this year in Boston.
On the first day of the event, a Thursday, apparently no one had notified the taxi companies that there would be 8,764 people exiting the conference center simultaneously at 9pm after the keynote speech, and that most of them would need a taxi back to their ridiculously overpriced hotels (that’s another story I paid $350 a night and considered myself lucky to get that rate!).
So imagine the scene, literally thousands of people standing in line for taxis that were nowhere to be seen - just an occasional passing blip on the horizon, far away. Taxis were as rare as a Nintendo Wii in a retail store.
As you know, I think differently to most people, and I avoid the lemmings mentality at all costs. There was no way I was going to stand in line for hours waiting for a taxi that may or may not eventually appear.
What did I do? I’ll tell you exactly what I did. I went around the corner of the convention center to the Westin Hotel and discovered a line of taxis with drivers that apparently had been sitting there for several hours, desperately hoping that someone, anyone, would require their service.
Yes, I know - how ironic is that?
In I jumped, and immediately asked the driver to take us past the front of the convention center building to allow me to wave at the ever increasing line of people waiting for a taxi.
I’m not a mean person, I just couldn’t help myself.
Actually, I wanted to see if many others would think to do what I had done. Guess? Nope. I counted just three people who strayed from the official’ taxi line. And that’s where the lesson lies in this story. The situation I encountered is a perfect analogy to describe how eBay is being used today.
You’ve probably heard me say before that some 95% of sellers follow the crowd and blindly stick together, all sharing the same antiquated, ineffective and costly methods for using eBay. They’re standing in line for a taxi that might never come, and somehow they’ve convinced themselves that that’s the best option. Come to think of it, they probably believe it’s the ONLY option.
By contrast, there’s a much easier way, a fast track to profits, and that’s the taxi round the corner, just waiting to whiz you to your destination if you’ll only seek it out. That’s the key, right there: to benefit from it, you have to step outside your comfort zone, be willing to reject the familiarity and apparent safety of being with the crowd, and be unconventional, a renegade.
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Saturday, August 16th, 2008 at 5:45 pm and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.