How to Get a Low Interest Small Business Loan

Member

By Limowreck
User-Submitted Article

Article Rating: (7 Ratings)

Get a Low Interest Small Business Loan

Finding grants for small businesses is nearly impossible. However, there are government programs to help you get a super deal on a small business loan. Here's how to get started!

Difficulty: Moderate

Instructions

Things You'll Need:

Small Business
Internet

Step 1

SMALL BUSINESS ADMINISTRATION

Visit the online home of the Small Business Administration. They are federally funded and provide assistance to small businesses nationwide. See the list of resources below this article for a direct link to the Small Business Administration.

Search their diverse loan programs for one that suits your small business needs.
Step 2

CHOOSE A LENDER

Use the state directory provided by the Small Business Administration to find lenders who are eager to work with SBA program applicants. The SBA does not loan money, but creates fair loan programs that lenders participate in. See the resources listed below this article for a direct link to the SBA's State Resource Guide.

You will also find excellent information on starting, expanding, and developing your small business with the Resource Guide. Local mentors and organizations are listed.
Step 3

CONTACT LENDER

Once you have chosen the lender(s) you wish to borrow your small business loan from, contact them to begin the application process. Make sure you inform them that you intend to use a specific SBA loan program.

Tips & Warnings

Use all the resources available through the SBA to help your business grow.
The SBA offers information, networking opportunities and local guidance.
Borrow only what your business needs to prosper. Excess loan baggage can cause your enterprise to go under.
Use government loan programs to minimize risk to your business.

Resources