Assistance through the SBA can meet the financing needs of a company. Whether the money is needed to start a new business or expand a current operation, there probably is a package that will suit the company’s needs. Small Business Administration loans can be used for working capital, or to purchase machinery, equipment, furniture, fixtures, land or a building. Others may seek to use a loan to finance a new building purchase or to renovate a building to better suit their needs. A great advantage to financing through the SBA is the flexibility of the financing for the specific needs of the company.
Another advantage to Small Business Administration loans is the variety of programs they offer. With their numerous lending programs, almost any type of company can find financial assistance. Those people who may not qualify for financing through traditional lending channels will especially appreciate the assistance a Small Business Administration loan can offer them. These programs can be used for non-profit or for-profit businesses and can be used for long-term or short-term financing. Furthermore, there are packages designed specifically to assist women, minorities or people with disabilities.
When someone applies for financing with the SBA, they will receive more than financing opportunities. They also can receive counseling as well as other information about running a successful operation. The SBA employs volunteer counselors who are retired executives that can offer valuable advice regarding various aspects of a business. Financial assistance is only the beginning of launching a successful venture.
Starting or expanding a business can be a risky venture. This is especially true when considering the various funding programs like those available through a Small Business Administration loan. If someone is considering opening or expanding a new company, they should seek the wise counsel of others, possible including the counsel of retired executives. The Bible says that “where no counsel is, the people fall: but in the multitude of counsellors there is safety” (Proverbs 11:14). Taking the time to receive professional advice and information will provide a company with a much greater opportunity for success.