Small business owners have been seeking a way to grow and improve their business and usually this comes in the form of access to credit or capital. Over the past few months more and more small business owners have been seeking a small business loan in order to expand their business and grow their workforce.
The Small Business Administration has been guaranteeing loans in order to make lenders comfortable with lending to some small businesses in a time where many feel the economy is still unstable and where many lenders worry businesses might be unable to repay their loans. The SBA guarantees these loans up to a certain percentage in the case where a small business may not pay back their small business loan.
Lenders have been accused of not making capital more available to those businesses in need and as a result some of these businesses have not been unable to hire more people, which is said to be one of the best ways that we can combat our current unemployment rate in the nation. While the SBA does not make loans directly, they do either guarantee small business loans or provide funding for microloans.
The Small Business Administration has various resources, articles, and information that can help a small business owner who may need a small business loan or other forms of aid. Small business owners have been advised to reference the SBA’s website in order to get more detailed information on the programs and services offered and how they can apply to a company’s particular situation.