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Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan.
The 7 (a) Loan Program, SBA’s primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7 (a) loans can be used for: Acquiring, refinancing, or improving real estate and buildings. Short- and long-term working capital.
SBA is accepting and reviewing disaster loan applications. However, new loan offers will be delayed due to a lapse in Congressional funding. Disaster assistance. Explore SBA's low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Guaranty Purchase Process. SBA reviews requests to honor (purchase) a guaranty, to determine if lenders have complied with the SBA loan authorization, SBA requirements, and prudent lending practices. The amount and types of documentation that lenders must include in a guaranty purchase package depends on the type of loan, use of proceeds ...
WASHINGTON – Today, the U.S. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.
Where to apply for loan forgiveness. Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes.
To be eligible for a 504 loan, your business must: Operate as a for-profit company in the United States or its possessions. Have a tangible net worth of less than $15 million. Have an average net income of less than $5 million after federal income taxes for the two years preceding your application.
The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
Standard 7(a) Loans are 7(a) loans that are greater than $500,000, and exclude 7(a) Small, SBA Express, Export Express, CAPLines, Export Working Capital Program (EWCP), International Trade loans, and Pilot Program loans.
The process begins when you notify SBA to reclassify a loan into liquidation status. Therefore, before any action can be done at the NGPC, the loan will have to be transferred into liquidation status.