Buyer Guide to Small Business Loans
“Small businesses employ approximately half of all Americans and alone account for almost 60 percent of gross domestic product.” With that said, even the most profitable of small businesses may need help from time to time.
The Small Business Administration (SBA) is waiting for a bill to pass that would, “increases the amount of loan limits offered by the federal Small Business Administration. [If the bill passes the] SBA has estimated that provision would increase lending to small businesses by $5 billion in the first year,” reports Democrat and Chronicle.com
The SBA isn’t the end all be all for small business capital—other options are available. Knowing the range of funds your business requires is hard, but important when you are trying to make a case. Having specific statics and numbers ready can help during this process.
According to Challenger, Gray & Christmas, Inc., a global outplacement and executive coaching firm and reported by the Wall Street Journal, an “increase in new entrepreneurs in the third and fourth quarters of 2009 — 11.8% and 7.3%, respectively. The total number of self-employed workers jumped almost 3% to more than 9.1 million in December 2009 from just under 8.9 million that June.” If you want to be part of the millions starting a business, one of the first tasks you must take on is how you receive capital.
In this guide, we’ll outline the many options available for small business owners, and the process of obtaining a loan for your business.