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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13335
Experience:  15years with H & R Block. Divisional leader, Instructor
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GOVERNMENT BUSINESS LOAN. BEST

Customer Question

GOVERNMENT BUSINESS LOAN. BEST
Submitted: 5 months ago.
Category: Tax
Expert:  Robin D. replied 5 months ago.

Hello

Government loans are typically offered through banks and credit unions that partner with the Small Business Administration (SBA). The SBA is a U.S. government body, with the motive of providing support for small businesses and entrepreneurs. For each loan authorized, a government-backed guarantee offers serious credibility, since the lender knows that even if you default, the government will pay off the balance.

Some of the loan types are:

  • 7(a) Loan Guarantee Program: aimed primarily in helping a small business start or expand its services. The maximum size of such a loan is $5 million.
  • MicroLoan Program: mostly used for short-term purposes, such as purchase of goods, office furniture, transportation, computers, etc. The maximum amount is fixed at $50,000.
  • 504 Fixed Asset Program: featuring fixed-rate and long-term financing, these loans are aimed at applicants whose business model will benefit their community directly, either by providing jobs or bringing needed services to an underserved area. Again, the maximum amount is $5 million.
  • Disaster Assistance: under this program, loans are sanctioned to renters or homeowners with a low-interest, long-term plan for the restoration of property to its pre-disaster condition.

You should contact the SBA in your state to see what is available to you and your specific business. No one loan is better than another.

Customer: replied 5 months ago.
where, how, web page ?
Expert:  Robin D. replied 5 months ago.

Here is a link to the SBA

https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs

You are required to rate in a positive way (look for the STARS or SMILEY FACES) if I am to be credited with responding.

Expert:  Robin D. replied 5 months ago.

Checking to see if you responded