Your Local SBA
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Financing
Get Street Map & Driving Directions to Local SBA Financing Resources The Small Business Investment Company (SBIC) program. SBICs, licensed by the Small Business Administration, are privately organized and privately managed investment firms. They are participants in a vital partnership between government and the private sector economy. With their own capital and with funds borrowed at favorable rates through the Federal Government, SBICs provide venture capital to small independent businesses, both new and already established. 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 Certified Development Company 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. There are about 290 CDCs nationwide. Each CDC covers a specific area. Preferred lenders may expedite the processing of SBA loans because of their experience with SBA lending. Preferred lenders enjoy full delegation of authority and can decide unilaterally on SBA participation in eligible business loans. Many lenders have been approved for participation in SBA’s SBAExpress Loan program. In this program the lender uses its processes and forms and has unilateral authority to commit SBA to a 50% guaranty.
Many lenders have been approved for participation in SBA’s Patriot Express Loan program. Patriot Express is a streamlined loan product based on SBA’s highly successful SBAExpress Program, but with enhanced guarantee and interest rate characteristics. Patriot Express is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability.
The MicroLoan Program was developed to increase the availability of very small loans to prospective small business borrowers. Under this program, the SBA makes funds available to nonprofit intermediaries, who in turn make loans to eligible borrowers in amounts that range from under $100 to a maximum of $25,000. The average loan size is $10,000. Completed applications can usually be processed by the intermediary in less than one week. SBA's National HUBZone site for a description of the HUBZone Program, including how to find out if you are located in a HUBZone, and how to apply for HUBZone Certification. | ||