As the economy continues to struggle, many residents of Rhode Island who can not find employment are considering starting their business. A new entrepreneur?s first challenge is finding money for his business. Fortunately, the government can help through the Small Business Association (SBA) that extends SBA loans Rhode Island opportunities to budding entrepreneurs.
This loan program is specifically designed for new businessmen or those who may already have existing businesses, but still require additional capital. The SBA guarantees the loans extended by partner banks and other commercial lenders. A business must show a potential for growth and minimal risks in order to qualify for an SBA-guaranteed loan.
If you are thinking of starting your own business, you may apply for an SBA 7(a) loan, which can give you access to low interest rates and extended payment terms. Even businesses that have been operating for years, but are requiring additional cash for expansion may also avail of this loan. Through cheap interests and longer repayment term, a business may be able to sustain a positive cash flow.
The first thing to do is to prepare a business plan that explains the strengths of your business. A marketing plan should also be included to show how you plan to penetrate the market and gain clients. Your plan should also detail income/expenses projections, as well as start-up operating capital requirements.
If you are finally awarded an SBA loan, remember that there are certain limitations on where you can use the proceeds. You can only use the money to finance a new business or expand an existing one. You can also buy a franchise or an existing business that has been in operation for years.
Preparing the documents you need to apply for an SBA loan may be tedious. The loan officer may ask a lot of questions about your business, so be ready with your answers. Keep your loan amount low, about $150,000 as this will make lenders approve your loan easier. Read more about: sba loans Rhode Island
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Source: http://thearticlecorner.com/consider-sba-loans-rhode-island-to-finance-your-business/
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