Submitted by newshound on Sat, 09/19/2009 - 09:00
The U.S. Small Business Administration (SBA) assists small business owners with starting and expanding their businesses by helping them get loans through private banks and financial institutions. SBA offers a number of low-interest loan programs for business owners who may be having difficulty getting traditional bank loans.
To apply for an SBA loan, you need to visit your local participating bank or lending institution. When you apply for an SBA loan you are actually applying for a commercial loan, structured according to SBA requirements, which receives an SBA guaranty. This guaranty is portion of the loan the SBA will pay back to the lender should you default on your loan payments.
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