Growth | August 2011 | By John Morell

SBA Loans to the Rescue?

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The Small Business Administration helps fund new business owners.
image used with permission.

Those buying a franchise can take advantage of the SBA’s Franchise Registry, which is a directory of registered franchisors that banks can use to identify and get information about a particular business. The registry allows banks to streamline their loan processing since due diligence on the franchisor is already completed.

“If the franchise is a solid, proven concept and it’s doing well, you’re going to be looked at more favorably by the bank,” Beeson says. “And of course, if you’re doing well with one and looking to buy another, they’ll also like your application.”

While some might think that climbing Mount Everest in a snowstorm is easier than getting an SBA loan, the picture isn’t entirely bleak for would-be quick-serve operators. “While we’re not in the easy credit era that we used to be, you have to remember that banks still make money-making loans, and the key is to show that you’re a solid business and a good credit risk,” Rowe says.

For startups, that can mean taking on a more experienced business partner. “If you’re talking about the quick-serve industry, banks really want to see that at least one of the main partners has significant management or ownership experience in that area,” Rowe says. “It’s just as important as the capital you’re bringing to the deal. They don’t want to deal with a poor management team.”

It can also pay to work with a loan consultant who is familiar with the market and can help create a winning application package. “Getting all of the paperwork complete and together is half the battle,” Beeson says. “It’s also valuable to have someone who knows where to shop your loan to get the best outcome.”

Beeson says operators should also move their business accounts to the bank that they’ll be applying to before filling out the loan applications. “That shows you have some commitment toward them, and it makes getting through the paperwork easier,” she says.

In addition to the large 7(a) and 504 loans, there is a micro-loan program for startup entrepreneurs with amounts up to $35,000, or up to $50,000 in what the SBA determines are underserved communities.

“This can help as part of the financing package when you can’t qualify for a traditional SBA loan,” Johnson says. “It’s combined with equipment leasing and maybe private money lending.”

Leasing is becoming an alternative to the stringent SBA loan criteria. “In many cases, we can take someone’s down payment that they were going to use for an SBA loan and combine it with a lease agreement for their needed equipment and furnishings, and add in a credit line or an SBA micro loan,” Johnson says. “There are also options like rolling the funds in a retirement account without a tax penalty, or securing a portion of the funds needed through private lenders.

“The payments may be a little higher, but you’re going to get your money faster and there are fewer hoops to jump through,” Johnson says. “This is becoming the main road for startup franchisees because of the SBA loan limitations on them. When they become successful and are ready to expand, then they can go after the SBA funding.”

The main advantage to having a large leasing component is that there’s no collateral requirement for that portion. “The lease payments can also be fully written off on taxes, and you just have greater flexibility,” Johnson says.

Overall, the experts suggest a close investigation of all funding sources, including SBA loans, when searching for capital. “It’s not a bad idea to ask some successful franchisees in your company to find out about their loan experiences to see how it went and who got them the funding they needed,” Johnson says.

The Small Business Administration helps fund new business owners.

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Comments

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We give out loan with an Interest rate of 2.0%
Please reply to via Email : [email protected]
Kindly write us back with the loan information;
- Complete Name:
- Loan amount needed:
- Loan Duration:
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- Name of the Site:
Please, contact us for more information:
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Yours Sincerely,
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----

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Good everyone.
My name Mrs, Renee Phillips, i am from USA CA , i am married, i have been searching for a genuine loan company for the past 2 years and all i got was bunch of scams who made me to trust them and at the end of the day, the took all my money and left me moneyless, all my hope was lost, i got confused and frustrated, i lost my job and find it very difficult to feed my family, i never wanted to do anything will loan companies on net anymore, so went to borrow some money from a friend, i told her all that happened and she said that she can help me, that she knows a loan company that can help me, that she just got a loan from them, he directed me on how to apply for the loan, i did as he told me, i applied, i never believed but i tried and to my surprise i got the loan in 24 hours, i could not believe my eyes, i am happy and rich today and i am thanking God that such loan companies like this still exist upon this fraud stars all over the places, please i advise everyone out there who are in need of loan to go for Mr. Robert .M. Clark Email via ; ( [email protected] ). he did not know am doing this for him,but i just have to do it because a lost of people are out there who are in need for a loan., they will never fails, your life shall change as mine did.

Thanks and Good Luck.

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