Scott Reid Deputy
The Small Business Administration (SBA)’s government-backed business loan programs are designed to help small businesses access funding. SBA loans offer low rates and high loan amounts to businesses that are too small or too new to qualify for your typical bank loan. These are usually secured...
Government small business loans benefit both small businesses and the lending agency. For small businesses, it is beneficial because this is money & capital they may not have access too. For banks, the loan’s risk is decreased due to the loan being backed by the SBA. Different SBA Governmen...
purchasing equipment, expanding facilities, managing cash flow, or investing in marketing and advertising. These loans can be obtained from traditional financial institutions, such as banks and credit unions, as well as alternative lenders, online lending platforms, and government-backed programs. ...
If you need funding for your Scottish business we look at the type of business loans and financing available to you.
Be up to date on all other current government loan payments While it’s harder to qualify, you’ll benefit from favorable lending terms. SmartBiz has other loans that aren’t SBA-backed. But we’d only consider using this platform if you’re seeking an SBA loan. ...
Traditional small business loans and government-backed SBA loans look for good personal credit (think 690 or higher) or excellent business credit to qualify. Online lenders are more likely to be lenient with credit scores, often accepting a personal credit score of 600. 2. Annual revenue Many...
Explore government-backed loans with favorable terms, such as SBA loans. Submit Your Application: Fill out the loan application forms provided by the lender. Follow up with the lender if you have any questions or require additional information. Tip Learn more about how to write a business plan...
Traditional bank loans:Offer lower interest rates but stricter requirements and longer processing times. SBA loans:Government-backed loans with favorable terms, but geared towards specific business types and uses. Private money lenders for business:Individuals lending capital, often with flexible terms but...
000 to support their business and you will usually get a ‘yes/no’ indication within 36 hours of making your application. Note that SBA express loans are only 50% backed by the US Government, so lenders carry more risk. This means interest rates and fees are higher with express loans ...