Your Local SBA
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Financing
Get Street Map & Driving Directions to Local SBA Financing Resources Preferred Lenders are chosen from among the SBA's best lenders and enjoy full delegation of lending authority. The lenders can approve loans up to $2 Million for most business purposes. Go here to view the list of Preferred Lenders. The 504 Certified Development Company (CDC) Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A CDC is a nonprofit corporation set up to contribute to the economic development of its community or region. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. Go here to view the list of Certified Development Companies. The MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level. Go here to view the list of Microloan Participants.
SBA allows delegated lenders to use their own credit analysis, forms, and procedures to apply SBA guarantees to a loan without prior credit approval from SBA. Generally for most business purposes with an emphasis on revolving lines of credit and a maximum loan amount of $350,000. Go here to view the list of Express Lenders.
ExportExpress combines lending and technical assistance to help small businesses that have difficulty in obtaining adequate export financing. Allowing for a wide variety of uses for loan proceeds, it is the SBA's most flexible export financing program. Community Express is a pilot SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, which is available to selected lenders, a SBAExpress like program will be offered to predesignated geographic areas serving mostly Low and Moderate Income areas and New Markets small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success. Go here to view the list of Community Express Lenders.
STTR is an important new small business program that expands funding opportunities in the federal innovation research and development arena. Central to the program is expansion of the public/private sector partnership to include the joint venture opportunities for small business and the nation's premier nonprofit research institutions. STTR's most important role is to foster the innovation necessary to meet the nation's scientific and technological challenges in the 21st century. SBIR is a highly competitive program that encourages small business to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nations research and development arena. Hi-tech innovation is stimulated and the United States gains the entrepreneurial spirit as it meets its specific research and development needs. The SBIC program fills the gap between the availability of venture capital and the needs of small businesses that are either starting or growing. Licensed and regulated by the SBA, SBICs are privately owned and managed investment firms that make capital available to small businesses through investments or loans. They use their own funds plus funds obtained at favorable rates with SBA guaranties and/or by selling their preferred stock to the SBA. In addition to equity capital and long-term loans, SBICs provide debt-equity investments and management assistance. The SBIC Program provides funding to all types of manufacturing and service industries. Go to the following for the SBIC's in Alabama
The Veterans Business Development Outreach Program (VBOP) is designed to provide entrepreneurial development services such as business training, counseling and mentoring to eligible veterans owning or considering starting a small business. The Small Business Loan Prequalification Program is especially designed for veterans. If you would like more information regarding this program, go here . By law, prime contractors to the federal government must post surety bonds on federal construction projects valued at $100,000 or more. Many state, county, city and private-sector projects require bonding as well. The SBA can guarantee bid, performance and payment bonds for contracts up to $2 million for small businesses that cannot obtain bonds through regular commercial channels. Bonds may be obtained in two ways: prior approval-- contractors apply through a surety bonding agent. The guaranty goes to the surety; and preferred Sureties--preferred sureties are authorized by the SBA to issue, monitor and service bonds without prior SBA approval. Go here to view the list of Surety Bond Agents in Alabama.
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