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If you are having difficulty obtaining money through the more traditional avenues, you can look into getting a loan from the U.S. Small Business Administration (SBA). Please note that the SBA only provides assistance if you are unable to get reasonable, approved financing through traditional channels. Most SBA loans are, in fact, made through banks and other private lenders, which administer and service these loans while not exposing themselves to default risks.
Two Most Common Types of Loan Programs
Guaranteed Loans—These are actually loans by banks and other private lenders that are guaranteed by the SBA, which enables you to obtain needed financing. You must put up collateral to secure the loan. With this type of loan, you deal with the bank, and the bank deals with the SBA, although you will need to provide information and do paperwork in order to apply for the loan. Your accountant should be able to help you with these tasks.
Direct Loans—In some cases, if all else fails, you may be able to obtain a loan directly from the SBA. These loans are very difficult to get and depend—among other things—on the amount of money that is available for lending. If you are lucky enough to be approved, a bank will usually be involved in servicing the loan.
In addition to the above, there are often other programs available through the SBA. These programs are often dependent on new legislation and may target minorities, the disadvantaged, specific industries, firms attempting to recover from a natural disaster, etc. Consult your local bank or SBA office for more information.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Heartland Bank and Heartland Planning Associates are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Heartland Planning Associates, and may also be employees of Heartland Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Heartland Bank and Heartland Planning Associates. Securities and insurance offered through LPL or its affiliates are:
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