Anyone who wants to get an SBA loan will need more than just education. Since the conditions for obtaining such a loan can be complicated, a financial services company can give small-business owners the guidance needed to choose the most appropriate loans. Growth Capital provides expertise alongside trust, a very important element.
In a recent article for The Business Times, SBA Regional Administrator Betsy Markey advised SBA loan applicants to “get to know your lender.” According to Markey, borrowers can expect an in-depth amount of information from their interactions with lenders, and should also know in advance what conditions might lead to the loan being rejected.
Among these are “problems with past business or personal credit, lack of equity in the business, lack of planning, lack of collateral, a sloppy application with obvious errors, unrealistic assumptions, tax liens or judgments against the company and a recent bankruptcy.”
New borrowers may need assistance before signing for their first major small business loan.Growth Capital gives small-business owners resources for learning about each loan we offer. Applicants can verify the loan that is best for them, and then work with us to see the loan come to fruition. Being based in Ohio, your business may need state-specific loans for success. As a local provider, Growth Capital can make the application process less daunting for businesses that have never applied under this program before.
The Ohio 166 Regional Loan Program features specific interest rates and associated costs that will affect their use among small-business users. For example, borrowers will need to submit loan closing and legal costs themselves, and some communities, including Cleveland, may be subject to lower interest rates than usual.
Contact us today to learn more about each available loan program. You can also apply online through our Online Application System.