Virginia Beach Business Loans
Free help by SBA for Small Business Loans
By Simon Collaso
Why should anyone be interested in helping you for free?
The government benefits if it gives small business start up loans and that is why it helps.
o Statistics show that small businesses number more than the big businesses.
o Small businesses employ more than 50 percent of the work force.
o Small businesses contribute to more than 50 percent of the nation's GDP-Gross Domestic Product.
o Small businesses are the principal source of new jobs.
Starting a small business or expanding your small business is not easy. Expert guidance and help is given to you for free by SBA. The US Small Business Administration was established in 1953 and has business offices in every state. SBA works with thousands of lending, educational and training institutions nationwide. It does not provide grants but offers counseling. Government small business loans are offered to many entrepreneurs. Look up the web sites of the state economic development agencies to know if it is available in your state.
SBA is only a guarantor of loans offered by banks and other private financial institutions. The lending institutions that agree to terms of the SBA provide loans to small businesses through SBA. In case of inability of repayment of loan within the stipulated time; the SBA pays the lender the agreed upon guarantee amount, and the borrower has to pay the SBA the entire amount.
Can the SBA help you?
Small business is one that is independently owned and operated and is not dominant in its field of operation. SBA has regulations to determine whether your business qualifies as a small business. You could look up the SBA website or federal government regulations to find out if your small business startup loan or small business loan for expansion qualifies. Your business has qualified then the next question that any lender would ask you, is: Do you have a business plan?
Most lenders would require a detailed description of the business you are going to start up or expand. Look up the SBA site http://www.sba.gov/starting_business/index.html for planning options and counseling. The many things that SBA helps you is
o Writing a business plan
o Getting the loan
o Marketing
o Licenses and Laws
o Patents and copyrights
o Selling to government and abroad
o Hiring employees
o Buying the right equipment.
Notable among it various programs are Small business loans for minorities, Small business loans for Women, Small business loans for veterans and young entrepreneurs. The various small business loan programs offered by SBA are.
Basic 7(a) Loan Guaranty
This is the primary business loan program. It is offered to those who do not qualify for loans through the normal lending channels. The terms offered by SBA are more flexible. Valid loans are those where the proceeds of the loan are used for sound business purposes. The maturity is 10 to 25 years depending upon working capital and fixed assets. http://www.sba.gov/financing/sbaloan/7a.htm
Loan Prequalification
Low income borrowers, disabled business owners, exporters, rural and specialized industries are the target for this program. Bad credit small business loans do not fall in this category. The applicant has a credit merit then it is easier to secure the loan. http://www.sba.gov/financing/sbaloan/prequalification.htm
Certified Development Company (CDC), a 504 Loan Program
This is a variant of the Basic 7(a) loan to obtain real estate or equipment for expansion or modernization. http://www.sba.gov/financing/sbaloan/cdc504.htm
Micro Loan, a 7(m) Loan Program
This is available in selected locations in most states. The SBA stand as guarantor to organizations that provided the loans, technical assistance and management for small scale financing. Not-for-profit child-care centers can also avail these loans for working capital or purchase of inventory or supplies. http://www.sba.gov/financing/sbaloan/microloans.htm
Disaster Recovery
Home owners, Property owners in disaster areas qualify for this loan program. Term of the loan is 30 year and the rate of interest is below 8 percent for those who can obtain credit elsewhere and below 4 percent for those who cannot obtain credit elsewhere. http://www.sba.gov/disaster_recov/loaninfo/property.html
Smeloancenter.com is your resource for loans and extensive information on small business enterprises. It deals with Small business startup loans [http://www.smeloancenter.com] , small business loans for women, etc…It your first stop for info on various types of small business loans.
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Small Business Loan Calculator Features and Benefits
By Joe Mackey
The small business loan calculator has proven to be one of the most useful devices when it comes to calculating a number of commercial real estate investments. Mortgage calculators can be especially important tools of the trade in a few different areas; whether figuring out interest payments only or going with the ebb and flow of adjustable rate contracts, keeping an eye on these figures throughout the duration of most any given property transaction can be beneficial in many ways.
Those who've used SBA loans in the past have been able to rely on small business loan calculator settings to carry them through each phase of the commercial loans process. No matter the case, having access to a number of online mortgage calculators can make life much easier when dealing with a variety of lending scenarios.
Even when dealing with small loans, the price of doing business can eventually work to the advantage of the borrower. The same principle applies to those who qualify for unsecured loans and the like, when payment schedules may include higher rates. Because of the fact that some small business loan calculator setups have a few additional features to offer, the unexpected can often be handled; with commercial loans especially, unforeseen circumstances may change the game in a hurry.
Forecast Early Payoff With Your Small Business Loan Calculator
Depending upon which lending institution is handling the loan in question, the idea of paying off the loan early can become a reality. Prospective borrowers may want to make sure that an early pay-off clause is included in their SBA loans without having prepayment penalties; for example, those who qualify for unsecured loans can save thousands of dollars by paying off the balance a little faster than anticipated.
A small business loan calculator with this extra added feature can factor in additional amounts to be paid and apply them towards the total balance. In the past, commercial loans without this feature have ended up costing borrowers a bundle.
Not all mortgage calculators come with this feature. In addition to entering the standard information pertaining to small loans, such as the balance, interest, and monthly installments, entering in the extra payment amount will display how much loan recipients can save by paying their commercial loans off earlier than expected. Even though these small business loan calculator functions are becoming more commonplace, it's vitally important to find out which lenders are offering this additional service.
Use Your Small Business Loan Calculator To Determine Best Financing Options
Those who are ready to refinance their first-lien mortgages may be able to take advantage of their SBA loans by seeing whether or not this early payoff condition applies, sans the penalties. Successful business owners should have a certain amount of clout as it stands, meaning that this type of leverage can be used to switch mortgage companies, if necessary.
Contacting other lenders isn't a crime, and some may have this particular small business loan calculator function already in place. Having this type of leverage can put business owners in the driver's seat while searching for the best available deals concerning their commercial loans.
In effect, renegotiating a second mortgage while saving thousands of dollars is more than possible; in fact, paying lower interest rates and monthly payments on a number of refinanced small loans just isn't enough, especially when mortgage calculators with multiple features will be able to clearly indicate how much additional money can be saved in both the short-term and the long-run. A small business loan calculator with all the bells and whistles may be worth looking into.
Joe Mackey has spent 22 years in the lending industry, covering market trends, acquisitions, valuation and lending. As one of the top lender for commercial mortgages online helping investors and business owners alike understand the benefits of forecasting with their small business loan calculator [http://commercialmortgageconcepts.com/] for better returns on their real estate investing. He constantly strives to help those he's associated with access the best refinancing rates and loan terms available. Call him today and you'll quickly see why his lending expertise is vital for your commercial financing needs.
Article Source: https://EzineArticles.com/expert/Joe_Mackey/451454
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Small Business Loans - The Ideal Credit Option
By Bessemer Jones
Just like individuals, businesses are also in need of finance. In fact, it could be said that businesses need finance more than individuals to run the show. There are times when the business meets financial bottleneck or may need extra finance to start or alter some area of the business. In such times, loan options are always looked at. For small and medium businesses it is always better to go for unsecure small business loans to solve the problem.
How To Get A Small Business Loan
Unsecure small business loans are available for individuals and businesses. The steps to apply for them are quite different when it comes to business loans when compared to personal loans. The main difference from personal loans is that for business loans the credit score of the business is usually considered. If the credit score is high then the chance of getting it is higher. Different of them providers require different credit score for providing the loan. It always helps to ask regarding this and get a clear picture of what is required.
A check on the business's credit score can then be done to see if there is eligibility. It always helps to check the eligibility criteria and weigh the company's options before applying for it. This is because once one or two loan providers check the credit score and rejects the loan there is always the risk that other of them providers will follow suit. So one should always apply for the loan where there is the best chance of getting approval. In case of these loans there is absolutely no need to give any security or divulge social security number. Once the loan application is filled up getting the loan is easy and some loans are approved within a short period of 24 hours. The repaying of these loans can usually be done within six months to 80 months.
The Advantages Of Small Business Loans
Unlike huge secure financial loans, small loans and unsecured loans have many advantages.
- They require minimum paper work.
- They do not require any collateral.
- They are approved within a period of 24 hours in usual circumstances.
- There is usually no restriction on the business types who can apply for the loan.
- Most of the loan providers allow unrestricted use of the funds.
- The loans are usually available at great rates and are easy to repay compared to other loans.
- In many cases there is no annual fee charge.
- Guidance and support from the service provider with regard to repayment of the loan.
- Finally the application process is simple and easy.
For small and medium businesses financing small business loans are ideal. They are easy to obtain and payback. They are the most economical option that is available and can be used for any genre of business. These loans can also be used for startup companies as well as established companies who are facing financial cringe.
http://www.montanacapital.com is a site which offers small business loans to customers. The loan can be applied online without any hassle. The website also caters to personal and other kinds of loans.
Article Source: https://EzineArticles.com/expert/Bessemer_Jones/812367
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Small Business Loans 101
By Rodney Moss
What are small business loans? To put it briefly, small business loans are loans that are specifically designed in order to cater to the monetary and financial needs of these types of business ventures. The interest, the amount that can be loaned and the time table to pay such loan are all in favor of small businesses. The interest rate ranges from a low rate of 4% up to a high rate of 15%. The ratio behind these low rates is that new businesses will not have high or big funding in order to pay back the amount loaned. If the interest rate is too high then the they cannot hope to pay such amount. As such, these low rates in order to help these businesses follow through with their dealings.
The amount that can be loaned has also been personalized with regard to small business loans. Depending on the capital and assets of a business is the amount that the business owner or the business itself can loan from a bank or a lending institution. This guarantees that the small business will not commit "over loan" or the act of loaning a high amount that is very hard to pay back with the business' current finances. There is a predetermined floor limit and a ceiling limit for small scaled businesses. This has been the practice of banks and lending firms for the last couple of decades since it has been backed up by adequate research and statistics gathered by the experts.
The time table for these small business loans usually range from 60 days up to 180 days depending upon the amount loaned. If the amount loaned is minimal then it will necessarily have a 60 day payable period. If the amount is high then it will have the maximum payable period of 180 days. This time table has been carefully studied by financial experts in order to cater to the needs and capacities of every small business owner nowadays. The time frame to pay the amount is in proportion with the capacity of the small scaled business' ability to pay vis-�-vis the interest rate. If you own your very own small business then this is the right kind of loan for you to avail of!
These small business loans can now be easily availed of by using the internet. All you need to have is a computer with an internet connection. You can access any online banking website that will allow you to process your request. You need to key-in your personal information like your first name, last name, credit card number, social security number, email address, home address and the like. Registration typically takes as fast as a couple of minutes. You can expect your small scaled loan to be processed within 24 hours upon submission. You can either choose to have your loan delivered to your home or you can personally pick up the money, whichever you prefer. Availing of a loan has never been this easier like never before!
Are you looking for the best rates for small business loans? Go to http://www.nationsadvance.com to get the best rates and to get your loan funded very quickly!
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