SBA & Bank Financing Program
The U.S. Small Business Administration (SBA) is an independent Agency of the Executive Branch of the Federal Government. It is charged with the responsibility of providing four primary areas of assistance to American Small Business. These are: Advocacy, Management, Procurement, and Financial Assistance. Financial Assistance is delivered primarily through SBA’s Investment programs, Business Loan Programs, Disaster Loan Programs, and Bonding for Contractors.
General Information on SBA Loans
All SBA loan programs lend to small businesses unable to secure financing on reasonable terms through normal lending channels. The loan programs are operated through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA
Most private lenders (banks, credit unions, etc.) are familiar with SBA loan programs. Interested applicants should contact ICS, Inc. for further information and assistance in the SBA loan application process.
Types of SBA Loans
Kindly find brief descriptions of the primary loan programs available through funding from the U.S. Small Business Association (SBA).
7(a) Loan Guaranty Program
One of the SBA's primary loan programs, 7(a) offers loans of up to
$2,000,000. (The maximum dollar amount the SBA can guaranty is generally $1 million.)
Certified Development Company (CDC), a 504 Loan Program
Provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization. Typically a 504 project includes a loan secured from a private-sector lender with a senior lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower.
Microloan Program
This new program offers loans of up to
$35,000 to qualified start-up, newly established, or growing small business concerns. Loans are arranged through nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers. The entire Microloan process is handled on the local level.
Targeted Loan Programs
Besides the general programs described above, the SBA offers several loans designed to meet specific needs.
Other SBA Loans
For complete information on the loan programs shown above, as well as other more specialized loans available through the SBA, contact us at
sales@mybizfiler.com
Bank Financing
ICS, Inc. can also assist you in applying for a regular Bank Loan or Line of Credit you may need to finance your short term or working capital requirements.
A loan gives your business an immediate infusion of funds designated for a specific purpose. One-time expenditures or long-term financing needs—such as fixed-asset purchases, permanent working capital, and business expansion and acquisition—can be financed by one of our secured, vehicle, real estate, agriculture, or equipment loans.
Your business loan may be secured by a general lien on business assets or by the specific asset you're financing, with a fixed or variable rate. ICS, Inc can assist you with this loan process making it quick and easy for you.
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