Financing your Business Part I- An Overview of Business Financing

Now that you’ve chosen or possibly started down your entrepreneurial path, the next step is to determine how to finance the start or the ongoing operations of your business. But first, there are certain things you should think about. (more…)

Financing your Business Part II – Credit Factors

The first part of this series, An Overview of Business Financing, gave you important questions to help you determine your need for financial assistance. We also briefly touched on some of the programs the SBA provides to assist business owners that are seeking financing. However, before you can qualify for SBA’s financial assistance, you should first understand some basic credit factors that apply to all loan requests.

Financing your Business Part III – What Bankers Look For

Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn’t always easy. Before you approach your banker for a loan, it is a good idea to understand as much as you can about the factors the bank will evaluate when they consider making you a loan. The following are some of the key points your banker will review. (more…)

Financing your Business Part IV- Financial Statements

In order for you to gain the financing you need for your business, you must create your financial projections. Your financial statement should tell the story of your business. It will likely be the most time-consuming part of preparing your business for financing. (more…)

Financing your Business Part V – Applying for a Loan

So far in our “Financing your Business” series, we have covered the questions you should ask yourself before seeking financing, credit factors you should consider, what bankers are looking for, and the financial statements you need to have completed prior to applying for a loan. Now that you understand some of these different factors and you know the type of financing you are going to seek, it’s time to prepare a written loan proposal. (more…)

Business Loans – Overview

When looking to fund your business, there are many options available. Depending on what type of business you are operating or looking to start, the amount you need and the reason for your funding will likely determine the type of financing you want to obtain. (more…)

Loans — CDC/504 Loan

The CDC/504 loan program is a long-term financing tool for economic development within a community. More specifically, they provide financing for major fixed assets, such as equipment or real estate. A Certified Development Company (CDC) is a private, for profit corporation set up to contribute to the economic development of its community. CDCs work with SBA and private sector lenders to provide financing to small businesses. (more…)

SBA Disaster Loans

If you are the victim of a disaster and you rent or own your own home, own your own business, or own a small agricultural cooperative located in a declared disaster area, you may be eligible for financial assistance from the SBA. (more…)

SBA 7(a) Loans — Basic

7(a) loans are the most basic and most often used of those in the SBA’s business loan program. The purpose of this loan is to help start-up and existing small businesses with financing, guaranteed for a variety of general business purposes. (more…)

SBA 7(a) Loans — Advantage Loans

With the implementation of two new loan initiatives -- Small Loan Advantage and Community Advantage -- the Community Express program ended on April 30, 2011. See SBA's Dec. 15, 2010 press release for more information. (more…)

SBA 7(a) Loans — Advantage Loans

With the SBA Express loan and the Patriot Express Loan lenders can use, to the maximum extent possible, their own loan analyses, procedures and documentation, in addition to their own application forms, internal credit memoranda, notes, collateral documents, servicing documentation and liquidation documentation. In return for the expanded authority and autonomy provided by the program, lenders agree to accept a maximum SBA guaranty of 50 percent (85 percent for Patriot Express). (more…)

SBA Loans – Microloans & Special Purpose Loans

The Microloan Program provides very small loans to starting up, newly established, or growing small businesses. Under this program, SBA makes funds available to nonprofit community-based lenders (intermediaries) which, in turn, make loans to eligible borrowers. (more…)

Virginia SBDC