You have everything ready to create or expand your small business. All you need is a friendly lender to help you out with cash flow. One of the best and most affordable ways to get the cash you need is to work with a Small Business Association approved lender to get an SBA loan! These SBA loans are available to small businesses at low interest rates to help spur small business and job creation, so take advantage when you are able.
But how do you find a local SBA lender? Let’s take a look.
Finding SBA Loans
If you’re looking for an SBA loan from anywhere in the country, there are a number of avenues for you to take to get the cash you need. Head to the Small Business Administration website (SBA.gov) and one option is to use the SBA LINC tool. With LINC, you’ll fill out basic information about your business, and a number of qualified SBA lenders will respond to you within 2 days, and you can then act on that information. SBA LINC will also supply you with information on SBA loans and low-cost training options for your employees and yourself.
Another option is to head to the SBA Local Assistance map page. There, you’ll be able to either scroll through the list of U.S. states and choose the district office which covers your area, where you’ll be able to find additional information. Otherwise, head to the actual map and put in your zipcode and it will give you both the local district office address as well as any upcoming events to help train yourself or your employees better!
These district offices will help you find local lenders who can assist you with the SBA loan application process . . .
Finding Local SBA Loans
So, to find local SBA lenders, you can contact the SBA district office. Otherwise, it’s time to hop back on Google.
You’ll want to search for local banks. If you already work with a local bank, it’s worth asking if they utilize SBA loans.
Head to multiple banks websites, then use the search function and type in “SBA”. They should have a number of posts, either blog posts or pages, dedicated to the topic. You’ll be able to read up on their program and find out if they are part of the SBA’s Preferred Lender Program (PLP).
Narrowing Down The List
Once you have a list of banks who are SBA lenders, narrow it down to those who are part of the PLP as well as any others you particularly like. Now it’s time to start working through the application process. Each bank will be able to offer slightly different advantages to the SBA loan you’re applying for, but only PLP participants will be able to streamline the process and make your application process smooth.