If you are starting a business or ready to put your growth plan into action, chances are you will need financing, and a loan backed by the SBA may be the best choice for you. An SBA loan offers flexibility, longer repayment terms, and lower interest rates. In addition, the support from the SBA can help improve your odds of loan approval for funding with your local bank. This week, we are joined by a knowledgeable guest who understands SBA financing on a very integral level with his role as the Rhode District Director, Mark Hayward. Mark talks in great detail about the different types of loans. We will dig deep into Microloans, 7A loans, and 504, among other nonprofit agencies that distribute support and funds to the small business community backed by the SBA. Our host Erica Saccoccio gives her perspective on SBA loans as a business owner who has secured several different SBA loans during her business journey. After listening to this episode, you will better understand what you need to know to prepare to apply for an SBA loan and the details on what loans you should use when it comes to working capital, equipment purchase, or real estate. We have your guided tour into SBA lending, so grab a cup of tea and a notebook and turn up the volume on those headphones. If you need help with creating a business, a growth plan, or need a sounding board to help you get started, please contact us at www.stellarbusinessconcepts.com
