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Tips for getting an SBA loan

Many entrepreneurs in Colorado depend on small business loans. The U.S. Small Business Administration guarantees loans that small businesses can in turn get from lenders. This guarantee, along with guidelines created by the SBA, makes the loan process less risky for lenders.

However, there are a few general requirements to be eligible for such a loan. For example, there must be equity invested in the business, and it must be operating within the United States or its territories. Business owners can also take several steps to best prepare for the loan application process. Having several years of financial statements on hand can be helpful. Business owners need to have a clear picture of their goals and needs because there are different types of loans with different benefits. Some of those benefits may include no collateral.

Entrepreneurs should then talk to bankers to determine who and which institution matches their needs most closely. They should choose a lender approved by the SBA and be transparent about any business issues, which can often be resolved. One way to think about this is that the lender is a kind of partner for the business owner. Entrepreneurs may want to work with additional loan experts, including accountants and attorneys.

Legal counsel could also help with additional business issues not limited to small business financing. These could range from legal concerns with growing a business to contract disputes, business litigation and more. Businesses of all sizes must also make sure they are in compliance with local, state and federal law. As a business expands in size and number of employees, there may be changes in the regulations that must be observed.

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