How to get a small business loan
by Admin
Posted on 10-11-2022 02:49 PM
The paycheck protection program (ppp) ended on may 31, 2021. It offered loans to help small
businesses
and non-profits keep their workers employed. If you follow the guidelines, your loan may be forgiven.
Learn about the sba's paycheck protection program , including program details and frequently asked questions.
Established by the small business jobs act of 2010 (the act), the small business lending fund (sblf) is a dedicated fund designed to provide capital to qualified community banks and community development loan funds (cdlfs) in order to encourage small business lending. The purpose of the sblf is to encourage main street banks and small businesses to work together, help create jobs, and promote economic growth in communities across the nation. Treasury invested over $4. 0 billion in 332 institutions through the sblf program. These amounts include investments of $3. 9 billion in 281 community banks and $104 million in 51 cdlfs.
Finding a loan that is a perfect match for your small business is a challenging process. These steps will help you choose the perfect option with the best small business loan terms. 1. Make sure you know what your credit score is 2. Find different lenders that offer the amount that you need 3. Ensure you meet the minimum requirements 4. Compare the small business loan terms 5. Rule out the options with the highest interest rates 6. Research what type of fees they charge 7. Ask what documents are needed to apply 8. Make sure the lender offers extra benefits 9. Read reviews other business owners have written about the lender.
Phoenix — today, the u. S. Small business administration (sba) approved an economic injury disaster loan declaration for arizona that will help small businesses here in the state impacted by covid-19. Individual businesses can be eligible for up to $2 million through the program. On monday, march 16, 2020, governor ducey submitted a request to the federal government for the economic assistance, which is made available through the coronavirus preparedness and response supplemental appropriations act signed by president trump on march 6, 2020. Read the governor’s letter here. Access this information in spanish here. “as we continue to address covid-19 and prioritize public health, we are working with our federal partners to mitigate the economic impact on arizona’s small businesses and employees,” said governor ducey.
What do small business lenders look for?
Traditional banks and credit unions typically offer a limited range of small business loans, including those backed by the sba. While traditional banks often have tighter borrowing standards than online lenders, small business owners may still find it easier to qualify at an institution where they have an existing banking relationship. Not only will the bank already have the business’ financial statements on file, but it may also be easier to get approved with a local lender who is familiar with your operation.
When congress created the cfpb, it tasked us with collecting better information from small business lenders, including data on lending to minority- and women- owned small businesses. By gathering more data about whether and how these businesses access credit, the federal government can facilitate enforcement of fair lending laws while also enabling community organizations and lenders to identify needs and opportunities for women-owned, minority-owned, and other small businesses.