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SBA small business loan. Submit an online application to learn about a SBA small business loan. Read our tips on applying for a loan and how to avoid guaranteed business loan scams. Or consider a small business credit card.
Want fast cash capital? Apply for a cash advance payday loan. Thousands of small businesses in America have benefited from Federally guaranteed funding.
When applying for a Small Business Administration loan, you will need to submit a proposal. Here's how to proceed:
Begin your proposal with a cover letter or executive summary, and define who you are, your business background, and what your business is about. Include the amount you desire and the purpose for the business loan, as well as how you want to repay the loan and how it will benefit your business.
Description of Business: Provide a written description of your business, including the following:
Type of organization Date of information Location Product or service Brief history Proposed Future Operation Competition Customers Suppliers
Management Experience: Resumes of each owner and key manager.
Personal Financial Statements: The Small Business Administration demands financial statements of all principal owners (20% or more) and guarantors, and attach a copy of the previous year's federal income tax return.
Loan Repayment: Provide a short statement as to how/when the loan will be repaid.
Proposed Business: Provide a pro-forma balance sheet showing sources and uses of both equity and borrowed funds.
Projections: Provide a projection of future operations for at least one year or until positive cash flow can be shown, with earnings, expenses, and reasoning for these estimates.
Advance fee, guaranteed business loans:
Be careful when dealing with anyone who offers a guaranteed business loan for bad credit people. Companies making these guarantees ask applicants to pay a processing fee, which means paying for the privilege of getting a loan, and then there's not always a guaranteed loan approval. And even worse, instead of getting a guaranteed business loan as promised, all the recipient receives is a list of places to apply, or is merely referred to a lending source which doesn't require an advance fee. Although there are legitimate resources online that can help you with your small business loan application, keep in mind that only the federal government can promise a federal business loan, or any loan from the government. Non-government agencies and companies can tell you about federal loans, how much money is available, and how to apply, but no one outside of the government can actually guaranty a federal government loan. Here are tips to help you avoid guaranteed business loan scams: Don't believe all promises of a guaranteed loan regardless of bad credit. Don't pay an advance fee or deposit. A legitimate lender will not guarantee a business loan by pre-paying. To report an advance fee guaranteed loan scam, call (800) 876-7060 or use the complaint form on the www.fraud.org Web site. The information will be supplied to the Federal Trade Commission and other law enforcement agencies.
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