Microloan Programs.

Brian Njihia By Brian Njihia, 3rd May 2016 | Follow this author | RSS Feed | Short URL http://nut.bz/1altemss/
Posted in Wikinut>Money>Loans

SBA is not involved in the application and approval process, and this is because the loan is offered through approved intermediaries. The intermediaries are non-profit community-based lenders with experience in lending and assisting in business management.

Microloan Programs.

Microloan Programs.
SBA is not involved in the application and approval process, and this is because the loan is offered through approved intermediaries. The intermediaries are non-profit community-based lenders with experience in lending and assisting in business management. Applicants contact the nearest Microloan Program Intermediary Lender. For applications to be considered, the borrowers must undergo training. The program’s training covers topics such as business plan, specific training in the relevant industry and general business education. The loans are eligible for startup and existing businesses, women, minorities, low-income earners and certain non-profit centers.
The proceeds are used for working capital, purchase of inventory, machines, and equipment. It cannot be used for purchase of real estate. The maximum one can get is $50,000 and interest rates are negotiated between the lender and borrower and determined by factors like planned purpose of the funds. The rates are between 8-13%, and loan is payable in six years. The lenders require collateral from the borrower.
Disaster Assistance Program
The funds are available to all business sizes and homeowners in a declared disaster location. There are three loans available for small business owners. Borrowers must fill a loan application form and a signed and dated IRS 4506 –T. SBA sends an inspector to assess and estimate the cost of the damage. The applicant must not be in a position to outsource funds elsewhere or use their funds without being exposed to financial hardship. However, physical loans applicants who can get financing elsewhere the interest rate are up to 8%. The loan maximum is $2 Million and the interest does not exceed 4% per year. It is a long-term loan payable in 30 years.
Physical Disaster Loans-
It is used for rebuilding and replacing an uninsured or underinsured property damaged a disaster. Loans are used to replace machinery, real property, inventory, furniture and leasehold improvements. The loan does not replace lost revenue and sales. The loans can also be used to expand and upgrade the business.
Economic Injury Disaster Loans.
It helps the business meet ordinary and necessary financial obligations as they recover from a disaster. Proceeds are used for working capital until normal operations resume. A business may qualify for both economic injury disaster loan and physical disaster loans.
Military Reservist Economic Injury Disaster Loan.
The loans are for businesses facing financial loss when the owner or a major employee is called for active duty as a military reservist. The funds are used to cover operating expenses until the persons are released from active duty. The proceeds cannot be used to expand the business or to re-finance a long-term debt. If the business involved is a major source of employment, then the loan can be more than $ 2 Million. Collateral is required though it cannot be a subject for loan declination.
There are other programs offered by Small Business Administration such as Small Business Innovation Research Programs, Small Business Technology Transfer Program, Small Business Investment Program and Export Loan Programs among others.
SBA is dedicated to encouraging small business lending so that there is more job creation, which as a result, will promote the country’s economic growth and development. Having all these programs, entrepreneur should identify the one that suits them, and start their project.
There are many advantages of getting a government small business loan, one being the low interest as compared to banks and other financial institutions. The other advantage is the duration of loan maturity, which for all programs is long enough. Basic 7(a) has a prepayment fee for any borrower who repays before the maturity time, and this encourages long-term financing. The lenders are also secure as their risk is lower than lending without SBA guaranty.


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21st Jul 2016 (#)

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