The recession has sent many small business owners on a rollercoaster ride when it comes to securing funds for their businesses. The thing to remember is that you are running your business to make a profit and to provide a product or service that helps others, and that product or service may not be right for everyone. In the wake of the credit crunch, the U.S. Small Business Administration’s role in helping to guarantee loans for small companies has become more important than ever.
Large bank institutions, such as Chase, Bank of America and Wells Fargo, generate the bulk of their SBA loan volume by loans, especially the express loan and line of credit, offered to those who would be declined for ‘normal’ bank credit due to factors such as length of time in business or slightly more conservative underwriting factors. Provide the name, home address, Social Security number and percentage of ownership for any person having any ownership interest in the business.
Social Media Intro for Entrepreneurs and Marketing Professionals workshop of Volunteer State Community College’s Tennessee Small Business Development Center, 9-11 a.m. Tuesday, March 22, 1480 Nashville Pike, Gallatin, TN in Building 300. Low income borrowers, disabled business owners, exporters, rural and specialized industries are the target for this program.
Late paying customers – This customer always has an excuse, but in reality, they are either disorganized or not respectful of your business. This eliminates the need to outsource work and will ensure that all areas of your business are covered by the best technical solutions. In comparison, conventional bank loans are often capped at 70% -75% on purchases or refinances. This is where the difference between SDB certification and 8 (a) business certification comes into play.
Small business owners can qualify for SDB certification if their personal assets are worth less than $750,000. The definition of a small” business varies by industry and is based on the total number of staff or the total receipts of a business. Planning starts with a review of existing financials, reviewing the business operations to identify improvements.