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Financing
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The 7a program serves as the SBA’s primary and most flexible loan program, with financing guaranteed for a variety of general business purposes. It is designed for start-up and existing small businesses, and is delivered through commercial lending institutions. The major types of 7(a) loans are: Express Programs - These programs offer streamlined and expedited loan procedures for particular groups of borrowers.
Export Loan Programs - A priority on helping small business exporters ---some 70 percent of all U.S. exporters have 20 or fewer employees---with a number of loan programs psecifically designed to help them develop or expand their export activities
Special Purpose loans offer several special purpose 7(a) loans to aid businesses that have been impacted by NAFTA, to provide financial assistance to Employee Stock Ownership Plans, and to help implement pollution control mechanisms. 504 Certified Development Company Program The 504 Program provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization. Typically a 504 project includes a loan secured from a private-sector lender with a senior lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower. The maximum SBA debenture generally is $1 million (and up to $1.3 million in some cases). Contact one of the following CDCs in Utah:
Micoloan Program provides small. short-term loans to small business concerns as well as not-for-profit child-care centers. SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $35,000, with the average being $13,000. 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. For more information on the STTR Program, please contact:
US Small Business Administration
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 nation's R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.
The foundation of an SBIC is its management team – people with solid venture capital expertise and capital. An SBIC can be organized in any state, as either a corporation, limited partnership (LP), or a limited liability company (LLC). Most SBICs are owned by relatively small groups of local investors, although many are owned by commercial banks. Some SBICs are corporations with publicly traded stock. 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. | ||