SBA Loans: How Do Their Rates Work?

If you’ve done your homework on the various small business loan options, you’ve probably figured out by now that obtaining financing through one of the U.S. Small Business Administration’s various loan programs—typically called SBA loans—is very often the best deal you can get.

With a little more research, however, you may also have seen that the makeup of the interest rate on SBA loans is slightly more complex than for loans obtained through a traditional lender. So, how exactly do the interest rates work for SBA loans, and how can you predict what your interest rate will be? Let’s learn a little bit more about exactly how SBA loans work. (more…)

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What you Need to Know About Small Business Loans

As a small business owner, you’ve grown used to learning as you go. You had to learn how to manage your accounting, how to address licensing and permitting issues for your industry, how to market your business. The same is true when applying for your first small business loan—a process riddled with unexpected requirements and fine print that will bring an entirely new set of lessons to be learned.

Before accepting your first small business loan, get ahead of the learning curve by asking these six important questions. (more…)

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Destroying Your Business Debt in 3 Easy Steps

One of the top priorities for business owners should be paying down debt quickly and efficiently. Eliminating debt will cut your expenses, increase your profits, and allow you to reinvest in your business to generate higher future sales. It also frees up credit you may need later for future investments.

In order to crush your debt quickly, you need to have a plan to make sure you aren’t just paying your bills, but you’re eliminating debt in the most effective way possible. (more…)

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Making Sense of a Personal Guarantee

underwriterIf you’re in the process of applying for a bank loan for your small business, you may have been asked by your lender to make a personal guarantee for your loan. While making a personal guarantee can help you qualify for the loan or even get a better interest rate, there are a multitude of risks involved.

Just what is a personal guarantee, and how do you know whether it’s the right choice for your business financing needs?

Let’s break down what you need to know before making a personal guarantee for your small business loan. (more…)

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