Category Archives: SBA

Ask SCORE | Need funding for your small business?

Small Business Administration loan programs might be the answer. 

Starting a small business takes time, hard work, and money. Depending on your type of business and your present financial situation, you may find you need to reach to outside sources for funding.

One resource you can turn to for assistance in obtaining a loan to start or grow your business is the United States Small Business Administration (SBA). While the SBA does not directly lend money to small businesses, it can facilitate loans with third party lenders. Various banks, credit unions, community development organizations, and microlending institutions throughout the U.S. partner with the SBA to provide funding to small businesses without access to other financing options with reasonable terms.

SBA sets specific guidelines for loans, which are made by its partners, and it guarantees that they’ll be repaid by the borrowers. This benefits small business owners by giving them access to much-needed funding, and it eliminates some of the risk to the lending partners.

To qualify for an SBA loan, your business must meet certain criteria regarding business size, financial standing, and others. You must also meet the credit qualifications of the lender.  Continue reading

Surety Bond Guarantee Program

The SBA’s Surety Bond Guarantee Program helps small and emerging contractors obtain bid, performance and payment bonds. The SBA guarantees up to 90% of a bond issued by a surety company for construction, service, supply and manufacturing contracts. To qualify as a small business an applicant’s annual receipts must meet the NAICS standard.

The Seattle Bond Office handles applications for bond guarantees on behalf of contractors domiciled in nine western states and thirteen southern states.

Learn more here… http://www.sba.gov/surety-bonds

Continue reading

Contract Opportunities for Service-Disabled Veterans

Small Business Concerns owned and controlled by service-disabled veterans has been established under The Veterans Bene ts Act of 2003 – Public Law 108-183. This act assists federal agencies in meeting the 3% veteran contracting goal.

Federal contracting of cers may now set-aside or award sole- source contracts to Service-Disabled Veteran Owned (SDVO) Small Business Concerns (SBC).

Eligibility:

  1. 51% or more owned by one or more service-disabled veterans.
  2. Management and daily business operations is controlled by one or more service-disabled veterans or the spouse of such veteran if the veteran is permanently and severely disabled.
  3. At the time of contract offer, an SDVO SBC is small as defined by the size standard corresponding to the NAICS code (13 CFR 121.201) assigned to the contract.

Small business concerns self-certify. You should obtain a letter from the VA certifying that you are a service-disabled veteran in the event another business protests your award.  Continue reading

How to find the right investor for your small business.

By Caron Beesley, Contributor

Although small businesses still turn to credit unions, community banks, and traditional banks for their capital needs, outside equity such as angel investment and venture capital, are  valid options. In fact, the venture and angel capital industries are experiencing a sharp increase in demand thanks to a greater certainty in the domestic economy.

If you’re looking for a private equity firm, venture or angel capitalist to fund your business, what are your options? Below are some tips for identifying the right fit for your needs and taking those important first steps.  Continue reading

SBA Loans Explained

By Caron Beesley, Contributor

It’s been a stellar year for SBA lending, which is good news for small businesses.

In FY 2014, the SBA’s flagship loan program, the 7(a) Loan Programachieved another lending record. By the end of the fiscal year (Sept. 30), SBA had approved 52,044 7(a) loans for nearly $20 billion, an increase of 12 percent in the number of loans and 7.4 percent in dollar amount over the previous year.

If you have struggled to get financing in the past or are thinking of venturing into small business loan territory for the first time, you may be wondering what SBA’s loan programs are all about.

By way of introduction to SBA’s loan programs – what they are, who can benefit, and how to apply – here’s a brief explanation.  Continue reading

5 Overlooked Options for Financing Your Small Business

Need financing to start or grow your business? If you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge. Many start-ups and new small businesses often find they may not qualify for a traditional small business bank loan. Without a proven track record of 3-5 years under your belt and/or established business credit, many banks simply won’t take the risk. But before you risk your life savings or re-mortgage your home, you should know about some possible alternatives.  Continue reading

Online tutorials for small businesses seeking R&D funding.

The U.S. Small Business Administration released its highly anticipated Small Business Innovation Research (SBIR) online tutorials to help small businesses navigate the SBIR program. The site provides users with a mobile-compatible site to learn about the program through a combination of videos and text. This platform will provide accessible program information and training resources to underrepresented areas. There is no registration or fee required and the courses are open to all.

“We are excited to introduce these tutorials. We know there are many small businesses in rural communities as well as young entrepreneurs that are unaware of this amazing program,” said Mark Walsh, SBA’s Associate Administrator for Investment and Innovation. “SBA has pulled together resources from across the federal government, providing them in a format easily accessible on mobile devices, while allowing users to select just the information they need.”  Continue reading

The ABC’s of business financials.

Improve your odds of business success by understanding your financing needs as well as the options that are available to help you start, manage and grow your business.

Is starting a business right for you?

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:

  • Comfortable with taking risks: Being your own boss also means you’re the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then read on.  Continue reading

Do you need real estate or equipment to make your business grow?

If so, you might qualify for an SBA CDC/504 loan. The 504 program provides financing for major fixed assets. Learn more…