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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Anyone know SBA loans?
Our business has hit a rough patch and I'm looking at some debt restructuring and thought I should look into SBA programs, mainly because they appear to allow a more straight forward "catch all" approach to consolidation. Anyone have experience?
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Cornpoppin' Pony Soldier |
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05-01-2006, 03:14 PM
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Location: Michigan
Posts: 3,381
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Nope. I looked into the SBA when I started my business and it was easier to just do a Home Equity Loan for my small amount. I was also a Sole Proprietor. If you are Corporation you should be able to borrow against it. But I'm probably not the best person to ask about this kind of stuff. My business was beer money or a Christmas party to most.
I always had someone offering to buy me out so when I hit a rough spot I sold out. That wasn't the only reason, my wife was pregnant with our second child. I was tired of working till 10-11 most every night.
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05-01-2006, 05:42 PM
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Location: Seattle--->ShangHai
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SBA loans are regular bank loans that are "backed" by the SBA, you are still the primary on the loan, the SBA simply reduces risk for the lending bank if you default. Your business still needs to qualify and the owner(s) have to personally gurantee to loan, in most cases.
alf
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05-01-2006, 10:02 PM
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True - to the extent that you have personal collateral, the SBA will make you pledge it to secure the loan. Look in the SBA website and try to find a preferred sba bank - it will make the approval and paperwork process somewhat smoother. If you can qualify for a standard bank loan without the SBA though, it will likely be far less aggravation and a better rate.
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05-02-2006, 03:10 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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OK, thanks guys.
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Cornpoppin' Pony Soldier |
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05-02-2006, 04:20 AM
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