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Funding Frustrations !

by sproutsplaycafe, Window Shopper

  • Created: June 24, 2011, 10:37 pm
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2 comments

My frustration is that I have an excellent credit score, and a new business.  My business is only 10 months old and not yet making a profit.  the SBA lists all these lenders that are Small Business lenders but when you go to talk to them they say "oh we dont really do small business loans, but we'd love to talk to you about refinancing your house."In order to participate as an SBA lender dont they have to meet some minimum requirement for monies lent???  One lender who is is listed as being SBA preferred and certified has done 1 $50,000 loan in the last 3 years.  Ridiculous.Just trying to figure out how I get to the right person to truly find out about the SBA loan programs through various institutions... ugh just feeling frustrated ;) g.

Tags: Discuss Popular Topics, Loans & Grants
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BizResearcher | Window Shopper | 6/28/2011 - 11:11 am

Because of recent legislation and the current low interest rates, banks have no incentive to lend, either SBA loans or conventional loans. There is some money out there, but the banks have to want to lend it.  As another poster mentioned, contacting your nearest SBA office may be a better starting place than contacting a bank directly. The SBA office should be able to tell you which banks in your area are actively granting SBA loans.

ngoriel | Community Moderator | 6/27/2011 - 5:21 pm

Hi, please contact your local SBA office. We have lender specialists that can assist you and provide you with information on active SBA lenders in your area.  Also consider connecting with one of our resource partners: SCORE, Small Business Development Centers or Women’s Business Centers for free business counseling and assistance.  For a list of SBA resource partners nearest you and your local SBA office, just enter your zip code at http://www.sba.gov/sba-direct .