We're in the final hours of World Expo 2011, and there is still so much to see! Currently, I'm attending a class called "SBA Loan Programs and Services." by Delia Gomez.
According to our presenter, micro-lenders have loans that are more lenient and can be available to people who have filed bankruptcy. She also encourages veterans to start small businesses, as now veterans receive a 10 point preference when applying for government assistance, which used to be a 5 point preference.
Most loans are 7(A) loans, although there are 504 loans to assist with construction. The 7(A) loans provide working capital, such as money to refinance other loans, paying rent, or help ends meet by helping to make payroll. They do require a business plan, and are looking for companies where the management has the experience to sustain the business. The terms are flexible, and usually last 7-10 years, unless it is for real estate, which can be up to 25 years. Remember that the loan has to be approved by the bank first, and then the bank sends it to the SBA to provide a guarantee.
More questions? Just visit their website at www.SBA.gov.