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Is There Help?

by lilmrshill, Window Shopper

  • Created: September 2, 2011, 5:25 pm
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4 comments

Hello everyone, I own a small embroidery business and desperately need help financially.  I have looked at all the options for loans etc with the SBA but it seems like there is so much red tape and things I just don't understand.  Looks like it would take a long time to get approval for any loans.  I need help as soon as possible. I am a service disable veteran not looking for a hand out but I sure could use the help to get on my feet. The patriot express loan is what I would like to have I just don't know.  Please offer any advice if you can. 

Tags: Discuss Popular Topics, Loans & Grants
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DaveVelasco | Window Shopper | 11/22/2011 - 6:34 am

Why not try to get a business loan that is not yet offered or present here in SBA? If you don't understand well the rules and guidelines on certain business loans, then you might get a lawyer or someone who know (a pro) about it.
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phanio | Contributor | 9/15/2011 - 11:36 am

Suggestion - Find a SCORE or SBDC in your area.  They can help you wade through all the red tape of filling out your SBA package.  Plus, they are free to use that is why they are there. Second - why do you need the money so desperately?  Is your business in trouble?  If it is, getting more money may not be the answer and might even hurt you more.  Ask the SCORE or SBDC to evaluate your current business to see if there are other things you can do right now to help your cash flow situation or to increase revenue immediately. Lastly, there are many other resources for quick capital - including peer-to-peer loans, private lenders, business cash advances, working capital factoring, etc. - all depending on your business model.  Know that these sources are fast in funding (usually within a week or so) but also are expensive. We provide information about all of these types of resources on our website.
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ngoriel | Community Moderator | 9/4/2011 - 1:41 pm

Hi, the SBAExpress program gives small business borrowers an accelerated turnaround time for SBA's review. You will receive a response to your application within 36 hours. In addition, lower interest rates are often available to you when you apply through an Express program.  The Patriot Express Pilot Loan Initiative falls under our Express program which is designed for veterans and members of the military community wanting to establish or expand small businesses. To help expedite the application process, make sure you are prepared.  This check list provides you with the information you need to collect for your loan application. The SBA also has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country which provide free business counseling to individuals looking to start or expand a small business. These organizations can help you with the process of starting your business. Visit SBA Direct at http://www.sba.gov/sba-direct to find your local SBA resource partners by entering your zip code.

bizinverter | Window Shopper | 11/25/2011 - 1:27 am

Show Replied Text…
Hi, the SBAExpress program gives small business borrowers an accelerated turnaround time for SBA's review. You will receive a response to your application within 36 hours. In addition, lower interest rates are often available to you when you apply through an Express program.  The Patriot Express Pilot Loan Initiative falls under our Express program which is designed for veterans and members of the military community wanting to establish or expand small businesses.To help expedite the application process, make sure you are prepared.  This check list provides you with the information you need to collect for your loan application.The SBA also has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country which provide free business counseling to individuals looking to start or expand a small business. These organizations can help you with the process of starting your business. Visit SBA Direct at http://www.sba.gov/sba-direct to find your local SBA resource partners by entering your zip code.
I agree with NataleG in that you should take advantage of the fact that you are a veteran in finding financing.  Patriot Express loans are one option, but regardless of how you go about finding a loan, you should also check out the Veterans Business Outreach Centers at www.sba.gov/content/veterans-business-outreach-centers if you haven't already.  One of the key advantages of these centers is that they have a mentorship program.  Veterans are provided with guidance in starting and running new businesses.  Although the mentoring services may not be as helpful in finding a solution to your short term financing problem, the long term help with bugeting and entrepreneurial training will be quite valuable.
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