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Small Business Administration loan programs explained
SBA equals options
So you had that great idea for a business. You received feedback from experts and friends that your concept had great potential. You borrowed money from friends and family, maxed out your credit cards and got the idea up and running.
But now it’s time to hire more people, buy new equipment or move out of your garage and acquire some real estate.
The government may be able to come to the rescue.
The Small Business Administration offers several loan programs that can range from a few hundred dollars to millions for small business expansion. The trick is knowing how to navigate the maze of possible loan options offered through the agency. One of the first steps in going after an SBA loan is to know what they have to offer. The SBA’s most popular loan program is the 7(a), which is made by a private lender such as a bank or a non-bank lender. The money can be used for working capital, machinery and equipment, furniture and fixtures, land and building, and debt refinancing.
by Tania Anderson
Full Story: http://www.bizjournals.com/sanjose/moneycenter/story.html?id=3505
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