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Small Business Loans from the United States Government

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SBA Loans for Small Business

Obtaining a Small Business Loan from the United States Government

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Loan Programs from - the Small Business Administration

Given the number of expenses a start-up business owner has, he or she needs to get creative in order to obtain funding, especially in this economy. The goal is pretty simple—to obtain cash to fund a business, so you can make more cash with long-term growth of your business being the main goal. But in order to achieve that goal, you need funding. Conventional bank loans are difficult to get for small business owners, especially given the fact that as a start up, your company most likely does not have more than three years of revenue, which most banks require in order to obtain a conventional loan. So, what is a small business owner to do? Enter the United States Federal government to the rescue! The U.S. Small Business Administration—also refereed to as the SBA—offers a variety of loan programs for very specific purposes. If you take the time to carefully review the business loan application checklist, and if a business qualifies, you may be eligible to obtain funding for your small business from the United States government.

What is the SBA?

The U.S. Small Business Administration was founded in 1953 and has supplied millions of business owners with loans, loan guarantees, contracts, counseling sessions and other forms of assistance. The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government and intended to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.

Types of Loans Offered

SBA offers a variety of loan programs for very specific purposes. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes, such as working capital, the purchase of inventory, supplies, furniture, fixtures, machinery or equipment. The maximum loan amount is $50,000, but the average loan is about $13,000. Proceeds from a SBA loan cannot be used to pay existing debts or to purchase real estate. If you are awarded a SBA loan, the loan proceeds may be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business.

  • Special Purpose Loans Program - SBA offers several special purpose 7(a) loans to aid businesses that have been impacted by NAFTA, to provide financial assistance to Employee Stock Ownership Plans, and to help implement pollution control mechanisms.
  • Export Loan Programs - Approximately 70 percent of all U.S. exporters have 20 or fewer employees. SBA has placed a priority on helping these small business exporters by providing a number of loan programs specifically designed to help them develop exporting business plans.
  • Rural Business Loans - Rural Lender Advantage The Small/Rural Lender Advantage (S/RLA) initiative is designed to accommodate the unique loan processing needs of small community/rural-based lenders by simplifying and streamlining the loan application process.
  • Advantage Loan Initiatives - Small Loan Advantage and Community Advantage Loan Initiatives SBA is committed to expanding access to capital for small businesses and entrepreneurs in undeserved communities so that the SBA can help drive economic growth.
  • Community Advantage Approved Lenders - The following are the Community Advantage lenders approved by SBA. ACCION San Antonio, TX Appalachian Community Enterprises Cleveland, GA Appalachian Development Corp Greenville, and SC Black Business Investment Fund.
  • Express & Pilot Programs - SBA's Express and pilot programs offer streamlined and expedited loan procedures for particular groups of borrowers, notably active duty military personnel, veterans, and borrowers from distressed assets.

Who can apply for a small business loan through the SBA?

SBA has programs and resources for everyone, regardless of age, gender, race, and financial status.

  • Native Americans - If you are a Native American seeking a certification for your small business, look no further than the Indian Affairs’ Division of Economic Development. The Division of Economic Development helps tribes foster strong reservation economies.
  • Women - The Small Business Act authorizes contracting officers to specifically limit, or set aside, certain requirements for competition solely among women-owned small businesses (WOSBs) or economically disadvantaged women owned small businesses.
  • 50+ Entrepreneurs - Are you tired of punching the clock for someone else, but think you can't find another job at your age? Are the kids out of the house, freeing you to re-enter the job market? Are you nearing retirement, but don't know what you will do? For many older entrepreneurs, starting a small business can be an opportunity to transform a lifetime hobby - such as fishing, investing, writing, or photography - into a lucrative line of work.
  • Minorities - SBA is a strong advocate of minority and special audiences, and we know doing business with the government, also called government contracting, can be a very lucrative endeavor for small businesses.
  • Youth Entrepreneurship - Opportunities for Young Entrepreneurs Young people of today are the entrepreneurs of the future. The SBA has developed a Teen Website designed to introduce young entrepreneurs to the concept of small business ownership as a viable career.
  • Veterans - If you are a veteran or a service-disabled veteran, there are many opportunities for you and your small business. It is important that you certify your small business as Veteran-Owned or Service Disabled Veteran-Owned so you can take advantage of these programs.

Regardless of where the SBA staff is located, their commitment is universal—to help Americans start, build and grow businesses. Regardless of where the small business is located within the United States, there are many options available for funding. Local offices are available to assist you—the small business owner—in obtaining information and planning for an application for a SBA loan.

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