There
may be lots of queries in a borrowers mind and many have simple
solutions. We at SBA Loans-online understand that a first time
borrower is heavily loaded with lots of questions in his mind.
The big the query is the simpler it is t answer. Our executives
will be there to help you and answer all the queries. Some of
the frequently asked questions are given below.
1.
What is SBA Loan?
SBA (Small Business Administration)
was established in July 30, 1953 by the US congress under the
Small Business Act. SBA is a US government agency that promotes
support to Small businesses that are in need of financial
strength. Over 20 million businesses have been benefited by SBA
ranging to over $45 Billion. The SBA was framed to "aid,
counsel, assist & project as possible the interests of small
business concerns."
2. SBA loan
is all filling the loan forms forever with no approvals.
This is a myth among the customers who think that SBA loans are
nothing but the filling of forms. SBA loans are the quickest and
easiest way for addressing small business finance needs.
3. SBA approval takes time:
Not only
SBA loans but all the other loans take time to be approved. The
new policy says that SBA loaning must be made quick and easy.
4. SBA loans have become another name
for government paperwork:
This is only a myth and has
no relevance. SBA loans as of today have been so simplified and
faster that minimal paperwork is required.
5. SBA loans are the last funding solutions:
SBA loans are not the last resort in fact they are
nowadays popular among fresh first time borrowers.
6. Why my credit report is required?
The credit score enable us to balance your credit requirements
and the options. The credit score is kept secret and is not
disclosed to anybody.
7. Why my
Social Security Number is asked?
The social security
number is required only in the case if the customer do not
remember the credit score. The social security number is
required to know the credit score. The information regarding the
credit score and social security number is kept secret and is
never disclosed to anybody.
8. I run
a membership based business, am I eligible for SBA?
The following industries and persons engaged in the below
mentioned industries are not eligible for SBA: wager Shops,
Trailer Parks, Campgrounds, temporary Motels, Packagers for SBA
Loans, Gambling, Membership-based businesses, Businesses engaged
in agricultural crop or livestock production or processing,
ISPs, Marketing companies(Internet) or other Internet based
businesses, Retail/Wholesale dump yards, Loans secured by
rolling stock(vehicles), Used auto retailers,
Amusement/Recreation Businesses, excluding Bowling Centers, Home
Based Businesses, Record & Prerecorded Tape Stores,
Businesses located outside US.
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