Return to article: How to File for a Business Loan
on 11/22/2005 Incorrect tip: If two banks turn you down for a loan, you can apply to one of the Small Business Association's many loan programs. Correct tip: Contact your local office of the U.S. Small Business Administration (www.sba.gov) to determine which local lending institutions participate in the access to capital program. If they work with the SBA, and you meet the qualifications, SBA can offer you a loan guarantee which makes it easier for a bank to lend you money. SBA does not offer direct loans anymore. Sorry.
on 11/22/2005 If family or friend loan money for your business, draw up a formal (doesn't need to be fancy) written, signed statement showing the amount, interest rate (must be near market rate), and payback schedule. If you don't, the IRS will treat it as a gift.
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