In the market for a business loan? Heard about SBA loans but not really sure how they work or how to go about applying for one?
The following are common questions that small business owners have about SBA loan programs and the loan application process.
1. How do SBA loans work?
While the SBA does offer numerous loan programs to help small business owners finance their businesses, it doesn’t actually lend businesses the money. Instead, a bank makes the loan, which is backed by the SBA. This allows the bank to take a little more risk than they otherwise might.
Deputy Secretary of Commerce Rebecca Blank visited BMW
Manufacturing today and delivered remarks on the President’s plan to make
America a magnet for jobs and manufacturing. The Deputy Secretary highlighted
the President’s proposals for a new Investing in Manufacturing Communities
Partnership, the SelectUSA program, and the National Network for Manufacturing
Innovation. Blank’s visit comes on the heels of President Obama’s State
of the Union Address, in which he outlined a broad agenda for revitalizing U.S.
Ed. note: This post is part of
the Spotlight on
highlighting members of the Department of Commerce and their contributions to an
Economy Built to Last.
During the initial stages of the business credit building process, I’m sure you have heard about the importance of setting up a commercial office location. A physical location that is zoned for business speaks volumes for your company and its operation.
If you decide to use your home address for your company’s business address, keep in mind that some lenders may not extend credit to a “home-based” business. However, you still have many credit opportunities with a home-based business; so don’t let that stop you.
Earlier this week, the Federal Triangle Partnership, consisting of the U.S. Department of Commerce, U.S. Environmental Protection Agency, U.S. Agency for International Development, and U.S. Customs and Border Protection, hosted its annual program commemorating the 2013 National Black/African American History Month. The 2013 national theme is “At the Crossroads of Freedom and Equality: The Emancipation Proclamation and the March on Washington.”The keynote speaker was Ms.Read More
Last week, President Obama signed an Executive Order to strengthen the cybersecurity of this nation’s critical infrastructure. Threats from cyber attacks that could disrupt our power, water, and other critical systems are one of the most pressing risks facing both our nation’s security and our nation’s economy in the 21st century.Read More
For the sixth consecutive year, the U.S. Small Business Administration is seeking small businesses to partake in its highly successful Emerging Leaders executive-level training initiative that provides them with the tools they need to sustain and grow their businesses.
Yesterday, I was in Memphis, Tenn., visiting the West Tennessee Ornamental Door Company, a thriving manufacturer of steel security doors, fences and gates for homes and businesses. The company received SBA loans to support the working capital needs of their business—and it’s now positioned for growth and to create more jobs.
Ed. note: This post is part of the Spotlight on Commerce series highlighting members of the Department of Commerce and their contributions to an Economy Built to Last.Guest blog post by Izella Mitchell Dornell, Deputy Chief Information OfficerAs Deputy Chief Information Officer for the Department, I am responsible for leading the effort that provides Department Information Technology (IT) program and project oversight for all major IT investments all appropriately aligned with the Department and mission objectives and goals.Read More
As business owners, we’d all like to think of ourselves as providers of great customer service. As small business owners in particular, it’s quite possibly your biggest differentiator. After all, how often is it that you walk into a national chain restaurant and are greeted by name, handed your favorite drink and made to feel like part of the family?
But great customer service is also about knowing how to handle problems, responding to and resolving issues—something at which agile small businesses can often excel.