With a portfolio of more than $45 billion, the Small Business Administration, or SBA, is the main source of getting funds for businesses through direct grants and loan guarantees. These programs are beneficial to small business because most bank programs frequently require larger down payments and/or have repayment terms requiring borrowers refinance every five years. It is surprising to see the number of entrepreneurs who do not pay enough attention to the financial aspect of the business. SBA Loans are fully underwritten, so only qualified borrowers and transactions make it through underwriting, but the loans offer the highest loan-to-values and the lowest rates available on the market for borrowers.
Applicants who do not qualify for disaster assistance loans are referred to the Federal Emergency Management Agency (FEMA) for grants. These institutions offer loans with favorable rates and terms based on the federal standards. Both you and your business (if it …