Blog
The Great Recession technically ended back in 2009, but you wouldn’t know it from the way Americans are spending (and saving) these days. Despite some natural post-election optimism, issues such as rising food and energy prices, Congress’ “fiscal cliff” and debt ceiling struggles, and the rise in the payroll tax mean Americans are still clutching their wallets tight. With many Americans widely feeling that “we’re not out of the woods yet,” how can your small business develop marketing messages that resonate with penny-pinching prospects?
In the market for a business loan? Heard about SBA loans but not really sure how they work or how to go about applying for one?
The following are common questions that small business owners have about SBA loan programs and the loan application process.
1. How do SBA loans work?
While the SBA does offer numerous loan programs to help small business owners finance their businesses, it doesn’t actually lend businesses the money. Instead, a bank makes the loan, which is backed by the SBA. This allows the bank to take a little more risk than they otherwise might.
During the initial stages of the business credit building process, I’m sure you have heard about the importance of setting up a commercial office location. A physical location that is zoned for business speaks volumes for your company and its operation.
If you decide to use your home address for your company’s business address, keep in mind that some lenders may not extend credit to a “home-based” business. However, you still have many credit opportunities with a home-based business; so don’t let that stop you.
For the sixth consecutive year, the U.S. Small Business Administration is seeking small businesses to partake in its highly successful Emerging Leaders executive-level training initiative that provides them with the tools they need to sustain and grow their businesses.
Recruitment Underway
Yesterday, I was in Memphis, Tenn., visiting the West Tennessee Ornamental Door Company, a thriving manufacturer of steel security doors, fences and gates for homes and businesses. The company received SBA loans to support the working capital needs of their business—and it’s now positioned for growth and to create more jobs.