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Small Business Loans FAQ
Do I need a business plan to get a loan?That all depends upon the type of loan you’re looking for. To qualify for an SBA loan at the bank for instance, you’ll need a business plan. While other lenders might not require a formal business plan, they will ask questions about loan purpose, how this loan might positively impact profitability, etc. Whether or not a lender requires a business plan, it’s a good idea to go through the exercise so you can articulate why your looking for a loan and the benefit you expect to gain from it.
What is a personal guarantee on a small business loan?It’s common practice for lenders to require a personal guarantee from the business owner(s) to protect the lender should the business default on the loan. Lenders do this to mitigate the risk of lending to small businesses, and the guarantee is often a requirement by the lender before offering a loan.
In the event of a default, a personal guarantee gives the lender additional options to collect the debt. This requirement is sometimes waived for businesses that have longer than five years in business and a good business credit rating.
What is collateral?Collateral is any asset or assets, which can be offered by a borrower to secure a loan. Should a borrower default, the lender can take possession of the asset, or assets, to satisfy the loan.
What is a line of credit?A line of credit is a revolving loan that provides a pre-determined capital limit that can be accesses as needed. Unlike a traditional term loan, all or part of the line can be accesses at any time up to the pre-determined limit. Interest is only paid upon the amount actually used.
What is an SBA 7(a) loan?The SBA 7(a) loan program is the most common SBA loan program. The maximum loan amount is $5 million. The SBA does not set a minimum loan amount. A 7(a) loan can be used for most typical business purposes, but may not be used for refinancing existing debt, to buy out a partner, to reimburse funds invested by a business owner, to repay delinquent state or federal withholding taxes, or any other purpose not consistent with sound business practices.
What is an SBA 504 loan?The SBA 504 loan program is designed to provide financing for major fixed assets like real estate and equipment. The maximum loan amounts vary depending upon how closely the business purpose supports things like community development initiatives like job creation. A 504 loan cannot be used for working capital or to purchase inventory, consolidating or repaying previous debt, speculation or investment in rental real estate.
The Bottom Line
Choosing the right Small Business Loan is a complicated decision. Although your interest rate is important, you should take other factors into account, such as money for capital purchases, marketing and what kind of loan fits your business model. Educate yourself about Small Business Loans and remember: You’ve got the Power.
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No Credit Card. No SS#. No Hassle. Small BusinessGet A Small Business Loan That’s Right For You!
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Important: Information is gathered from multiple sources. It should be used for research purposes only, understanding average rates available on the market and not relied on for your actual interest rate. Your rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self-employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property and other considerations.. Contact your lender for specific rates the meet your particular financial situation. LoanPower is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. LoanPower is not associated with the government, and our service is not approved by the government or your lender.This is not, and is not intended to be, a mortgage application. Once you have completed this expression of interest (or information request form) your information will be sent to our participating lenders. You will be contacted by telephone and/or email. By submitting your expression of interest you are consenting to receive telephone calls from our participating lenders even if you have previously listed yourself on any internal company, state or federal Do-Not-Call List. . Privacy Policy/Terms of UseCopyright© 2020