If you are looking for small business financing to start, expand or purchase a small business, there are different options available for you. If your business is not a non-profit organization, special purposes business or working on exploring its technological potential (by working on innovation & research of technology in one of the 11 federal departments) – then you may well qualify for indirect business grant funded loans. Or government business loans so to say.
These loan programs are designed to ensure that the small businesses, that are responsible for contributing 61% of our total economy, get the best options to help boost the economy by making progress in their specific individual fields of operations. SBA offers many programs that help small businesses ramp up their operations. Here’s a list of some of the most common SBA Programs:
SBA Loan Programs
If you are looking for small business funding, a good place to start is the SBA or Small Business Administration. The SBA has about 11 different low-interest business loan programs.These loans are distributed through private lenders such as banks and credit unions and then backed by the SBA. In addition, they offer many valuable support services to small businesses.
Banks and other lending entities offer many SBA guaranteed loan programs to assist small businesses. Although SBA does not make loans itself directly, it does guarantee loans made to small businesses by a network of private and other affiliated financial institutions. Below you can find an overview of SBA’s guaranteed loan programs. For more information, click on the program’s name.
7(a) Loan Program :
This is SBA’s primary and most flexible loan program, with financing guaranteed for a variety of general business purposes. It is designed for start-up and existing small businesses, and is delivered through commercial lending institutions.
The major types of 7(a) loans are:
- Express Programs
- Export Loan Programs
- Rural Lender Advantage Program
- Special Purpose Loans Program
CDC/504 Loan Program :
SBA 504 Loan program provides long-term & fixed-rate business financing to acquire fixed assets (such as real estate or equipment) for expansion or modernization of business. It is intended for small businesses requiring “brick and mortar” financing, and is delivered by CDCs (Certified Development Companies) that are private, non-profit organizations set up to contribute to the economic development of the respective communities to which they cater.
Microloan Program :
This program provides businesses with small (up to $35,000) short-term loans for working capital needs or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment etc. It is offered to small businesses and not-for-profit child-care centers needing small-scale financing and basic technical assistance for business start-up or expansion, and is disbursed through specially designated / SBA affiliated intermediary lenders (nonprofit organizations with experience in lending and technical assistance).
Disaster Assistance Loan Program :
Disaster Assistance Program provides low-interest loans to homeowners, renters, businesses of all sizes and most private non-profit organizations to repair or replace real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed in a declared disaster. U.S. Community Adjustment and Investment Programs (CAIP) Small Business Loans for Minorities and Women. Women and Minorities can apply for ALL loans but there are certain loan programs available to help increase the number of women and minority business owners. Some excellent resources for women and minorities looking for small business funding:
- Accion USA
- Accion New Mexico-Arizona-Colorado
- Kiva.org
- Appalachian Community Enterprises
- Association for Enterprise Opportunity
- Mountain Biz Works
- Microplace.org
- Wisconsin Business Initiative Corp.
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