From the article: What is the SBA Doing to Help Small Businesses Get Loans?
SBA guarantees for small business loans have dropped by 50 percent over 2007/2008. The SBA has announced new measures - increased guarantee percentages, reduced fees, and new loans. What has been your experience with SBA loans? Have you found bankers receptive to SBA backed loans? Were you able to get an SBA loan? What problems did you encounter? What are your suggestions for others who need startup or operations funds? Share Your Opinion
SBA loans or not gov. They're bank loans
- Above I see comments like "I need it to get back on my feet". Little do people know, you never had a chance. BOTTOM LINE: These are basic bank business loans, and you're subject to the same credit, assets, income and history inquiry. In the end it goes back to bank discretion. It has nothing to do with the SBA. They are no more than an obscure co-signer. My 2 man company yearly profits are soaring, $50k to $240k the second year and $800k last year. My experience is 25years owning a similar business, I let go due to cancer. My personal credit is stellar. I have recommendation letters from my all US suppliers, saying their factories would not be in business if not for me. From the 2 largest factories I buy more product than home depot and Loewes. My sales are all on LC or Bank CAD after receiving 20% security deposit. My current financing is through a private company that tales 40% of the gross profit. Obviously when acquiring internal financing that 40% is more than
- —Tinwoodsman
Owner
- I have been searching for so long for financial assistance. I am an importer of olive oil, vinegar and wines from Spain and all of my assets are in Spain (both commercial and residential). I worked in banks before and saw many loans with the guarantee assets being in another country but I am not getting any answers, any luck, anything...
- —Guest V. Porcher
Getting SBA Loan
- Tried getting a SBA loan on Start up. Was given a lot of Baloney. Send us a business plan, ect. Tried some banks. Was told no SBA for Startup. They all said it was SBA policy. Come back in Two years "if you last that long" then SBA might give you funds to expand" I had to take the gamble and used my penson money, because i didn't want to work for minimum wage. Still Struggling. I wasted $350 on a websight that said they could find a bank that would get be SBA loan. Each bank wanted another $350. Very fustrating as usual the government is talking out of both sides of its mouth. I can't afford to hire help or get good advertizing. Working 15 hours 7 days a week. Family members have refused to help me, some at least wish me good luck. Other want to see me fail. Yes, I feel somewhat bitter, but more determined to make it.
- —Guest LenAce
Credit Elsewhere
- Remember that SBA loans are meant for small businesses that cannot receive credit elsewhere on reasonable terms
- —Guest Guest3
Disservice
- As a commercial mortgage consultant that does SBA loans for a living, I hear these types comments all day long. I think that the government, in there efforts to cover there own "backsides" have done a huge disservice to small businesses by implying that the stimilus packages would help borrowers get loans. It was really put into effort to clean up the Banks balance sheets and prevent them from being deemed insolvant per the FDIC regs. Yet another case of our polititions trying to look good and not do whats needed for the country. We have put together a comprehensive FREE report on solutions to being declined small biz financing. It covers solutions to declining gross sales, low cash flow, high persoal expenses etc. Heres a link to the report - http://www.cfa-commercial.com/small-business-help.html
- —Guest Jeff Rauth
owner/operator
- An SBA loan should be easier to get. if my business goes under 35 people will be out of work. i thought their goal was to help small businesses stay on their feet.
- —Guest carol
sba loan
- I am in business and do have a sba loan not very much, but they have renewed my loan but will not increase it and I have felt the crunch. I will probably go out of business because of this. even 20,000 could help me through the next few months until things turn around. But the bank is unwilling....
- —Guest regina
Yes!
- A lot of this money goes only to certain groups or areas. I'm all for giving money to help people who are disadvantaged, but what about the rest of us in business? We need loans too! If I had $50,000, I could pay my business bills and get back on my feet financially.
- —Guest Karen
