The meteoric rise of women entrepreneurs is a strong sign that female business owners are slowly getting a hold of the small business sector in the United States. Business experts and sociologists tend to agree that female entrepreneurs can perform in parallel with their male counterparts, if not better. Women, like men, are hardwired to be ambitious and goal-driven individuals. However, there is something about a woman’s touch that makes business for them a tad easier. Good thing us that there are organizations and agencies out there that offer small business loans for women.
Among the best place to look for small business financing for women is your local Small Business Administration (SBA) office. The SBA offers a wide array of small business loans structured for specific profiles and individuals, women included. The good thing about SBA loans is that they are affordable and flexible, which makes it a lot easier for any women entrepreneur to satisfy the loan terms and repay the amount.
Among the popular choices for small business loans for women is the SBA Patriot Express loan. This particular form of lending is designed for members of the US Armed Forces and the National Guard or their legal spouses. Also qualified are legitimate widowed partners too. If you are a woman who meets the said requirements, you might want to check out on how you can avail of the SBA Patriot Express loans program.
If you are woman who is coming from a poor background and you live in a poor neighborhood, but deserving of a shot to become a entrepreneur, then SBA offers the SBA community express loans. This financing instrument is reserved for individuals who hail from distressed communities yet brimming with potential for success. And this particular loan package applies to women and men alike.
There are several organizations from the private sector, as well as banking institutions, that offer small business loans for women. Wells Fargo is one such firm that extend a small business loan option solely dedicated to women business owners. Women-centered organizations are also a great source of information for small business loans, as well as contacts and doors for opportunities, such as the National Association of Professional Women and National Federation of Business and Professional Women.
If you are a woman who believes in your own potential in excelling as an entrepreneur, then it is time that you consider getting small business loans for women. You can ask for a more detailed list from your local commerce and business office or from your local SBA District agency.
Tags: business, Business and Professional Women's Foundation, Loan, SBA, sba loans, Small Business, Small Business Administration, small business loans for women, United States, Wells Fargo
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SBA loan myths debunked
While a number of people would want to start their own business or further expand their enterprise through a business loan, most would not go for an SBA loan primarily because of common misconceptions about the whole shebang. There is a lot of confusion that revolves around SBA loan requirements that most people see it as the “last lending resort”. But if one is to understand how SBA loans work, it is not hard to separate fact from fiction. Now, let us delve into the common myths that surround SBA loans and debunk them one by one.
Myth #1: SBA loans are grants from the US government
It is important to understand that the Small Business Administration (SBA) do directly provide the funds to those who apply for loans. But rather, SBA acts as a guarantor banks and other lending parties in behalf of the borrower, covering up to 85% of the amount provided the borrower can present satisfies the pre-set requirements set by SBA.
Myth #2: You can get an SBA loan even if you have a bad credit standing
SBA loans cover a huge chunk of the amount borrowers are going to borrow. Within that line of thinking, it is highly irrational as to why SBA would highly prefer people with bad credit rating. SBA loans are likely easier to secure if the borrower has a good credit score. That said, people with bad credit standing can still avail of a loan, but a tad difficult though.
Myth #3: The process takes forever
While there are cases where applications for loans would take days and weeks, generally, SBA loans are approved or denied in a matter of hours. That is if the borrower is prepared on his end of the bargain.
Myth #4: There is a ton of paperwork to be done
Paperwork will always be a staple fixture in any business transaction. But saying that you will be buried in paperwork once you apply for a loan is a complete exaggeration. Some SBA loan programs, particularly the SBA Patriot Express and SBA Community Express do not require many documents for them to be processed.
Myth #5: SBA loans can be used to pay off debt
The sole purpose of SBA loans is to help in the startup or expansion of a business. And that generally includes purchase of equipment, renovation, and expansion of your facilities. You cannot use the funds you have received through SBA loans to pay off any existing debt.
These are some of the common myths and misconceptions that people perceive as fact when it comes to SBA loans. To learn more about SBA loans and how you can avail of it, just go to your trusted lender or to an SBA office near you.
Tags: 5 SBA Loan Myths Debunked, business, business loans, Credit history, Loan, SBA, sba loan requirements, sba loans, Small Business Administration
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SBA Interim Final Rule: Small Disadvantaged Business Program (Effective 10/3/08) — This Rule Changes The Requirements Relating To Which Firms May Certify Their Status As Small Disadvantaged Businesses (SDBs) For Purposes Of Federal Prime Contracts And Subcontracts
Small Disadvantaged Business Program
AGENCY: U.S. Small Business Administration.
ACTION: Interim final rule, with request for comments.
SUMMARY: This rule changes the requirements relating to which firms may certify their status as small disadvantaged businesses (SDBs) for purposes of federal prime contracts and subcontracts. Currently, only those firms that have applied to and been certified as SDBs by SBA may certify themselves to be SDBs for federal prime and subcontracts. This rule allows firms to self-represent their status for subcontracting purposes without first receiving any SDB certification. It also recognizes that the benefits of being an SDB for federal prime contracts has been greatly diminished over the past years, and shifts the responsibility of identifying firms as SDBs for federal prime contracts to those limited agencies that have authority and chose to use price evaluation adjustments to SDBs.
DATES: Effective Date: This rule is effective October 3, 2008.
Comment Date: Comments must be received on or before November 3, 2008.
ADDRESSES: You may submit comments, identified by RIN: 3245-AF79, by any of the following methods:
- Federal eRulemaking Portal: http://www.regulations.gov.
- Follow the instructions for submitting comments. Mail, for paper, disk, or CD/ROM submissions: Joseph
- Loddo, Associate Administrator, Office of Business Development, 409 Third Street, SW., Mail Code, Washington, DC 20416.
- Hand Delivery/Courier: Joseph Loddo, Associate Administrator, Office of Business Development, 409 Third Street, SW.,
- Washington, DC 20416.
SBA will post all comments on www.regulations.gov. If you wish to submit confidential business information (CBI) as defined in the User Notice at www.regulations.gov, please submit the information to LeAnn Delaney, Deputy Director, Office of Business Development, 409 Third Street, SW., Washington, DC 20416, or send an e-mail to LeAnn.Delaney@sba.gov. Highlight the information that you consider to be CBI and explain why you believe SBA should hold this information as confidential. SBA will review the information and make the final determination of whether it will publish the information or not. FOR FURTHER INFORMATION CONTACT: LeAnn Delaney, Deputy Director, Office of Business Development, at (202) 205-5852, or LeAnn.Delaney@sba.gov.
SUPPLEMENTARY INFORMATION: DOWNLOAD DETAILS
Tags: ederal Prime Contracts And Subcontracts, SBA, SDB, Small Disadvantaged Business Program
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