Small Business Loans: Types And Eligibility Criteria

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Small Business Loans: Types And Eligibility Criteria
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By Alfred Anderson

Initiating and managing a small business needs proper planning, coordination, talent, intelligence and primarily strong capital management skills. To start up and maintain a business, a budding entrepreneur needs adequate capital support for which he/she often resorts to small business loans. In order to promote small businesses many banking as well as non-banking companies have come up with various small business loan schemes to satisfy the diverse needs of their customers.

SBA Loans: The United States Small Business Administration (SBA) offers a variety of loan programs for small business owners.

Basic 7(a) Loan Guaranty program serves the start-up and existing small businesses and other commercial lending institutions. These loans are provided by participating lenders, which mostly comprises of American banks as well as some non-bankers who are associated with SBA 7(a) program.

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The Certified Development Company (CDC) 504 Loan program is targeted for those small businesses that wish to acquire real estate/ machinery/ equipment for expansion and modernization purposes. These small business loans are provided in a long-term, fixed-rate financing basis by Certified development companies set up to facilitate the growth and development of their communities and regions.

Microloan, a 7(m) loan program supports the financial needs of small businesses and not-for-profit child-care centers. This loan program can be availed to fulfill the working capital needs and other needs like inventory, furniture, fixtures and other machinery/ equipments. Under this program the small business companies can get a short-term loan of up to $35,000.

Loan Prequalification program offers loans up to $250000 for which the loan applications are scrutinized and sanctioned by SBA themselves. Rather than depending on the applicant

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