Do you want to learn how to access low-interest rate government loans such as SBA loans? Then below is an in-depth guide on how to apply and get government loans for your small business. These are loans with a government-backed guarantee. Like most bank loans, they can be tough to get, and the process can…
Can a DBA apply for an SBA loan? If YES, what are the conditions? If NO, what are the alternatives? Here is everything you need to know about SBA loans. A DBA is known as a “Doing Business As”, and it can be explained to be a fictitious business name, assumed name or trade name…
An SBA loan is issued by a participating lender approved by the U.S. Small Business Administration — and not by the SBA itself. The SBA just insures the loan. So if you want to apply for an SBA loan, you have to find an SBA-approved lender. The SBA works with intermediaries to provide low-interest loans…
Note that most SBA loans are limited to 10 years, working capital loans are generally limited to seven years, and the SBA sets a maximum rate on its guaranteed loans. The SBA is a U.S. government-backed term loan that is available at most banks and commercial lending institutions. In any given year, the SBA can…
Aside granting loans to small businesses, the SBA has a learning center where they share knowledge. Here are 7 most popular courses offered by SBA. When you think of the Small Business Administration (SBA), you probably think of business loans. But there are also other things the SBA can do to help your business before…
Yes. You can apply for a second SBA loan as long as your lender permits it. Note that you can apply and obtain multiple SBA loans all at the same time; however, the total amount you get can’t exceed the limits of the specific SBA loan program — applicable to the SBA 7(a) loan program,…
Chime temporarily accepted Small Business Administration (SBA) loans to Chime Spending Accounts until July 21, 2020. However, as of July 2022, they no longer accept this option because according to the company, the Chime Spending account is only for personal use. SBA loan payments requested after July 31, 2020, will be rejected and returned to…
The concept of purchasing a franchise attracts a whole lot of new business owners, especially since it comes with numerous benefits. Aside from the fact that there is an already existing brand value, customers know about the products and the demand that exists. Also, purchasing a franchise business guarantees that new entrepreneurs can hit the…
Yes. An SBA loan application is considered “approved” once the applicant is assigned a loan number by the U.S. Small Business Administration. After reviewing your application, the SBA will have to make an initial loan decision and if your application is approved, they will issue an SBA loan number for your loan. This number notes…
It is one thing to collect a loan and another thing to pay back the loan. The truth is that some people collect loans with the hope that they will meet up with the payment, but life sometimes happens. It means that there might be circumstances beyond their control that may stop them from paying…
Small Business Administration (SBA) loans and unemployment benefits have become popular financial support options for small business owners and individuals who have lost their jobs due to the COVID-19 pandemic. However, many people wonder if they can receive both an SBA loan and unemployment benefit at the same time. In this blog post, we will…
In full compliance with the Debt Collection Improvement Act of 1996, financial institutions are obligated to provide information to the proper credit reporting agencies anytime they offer loans through an SBA loan, as per SBA Standard Operating Procedure 50 57 (SOP 50 57). All through the loan’s lifecycle, they also must regularly produce reports on…
