If you are considering opening your own business, or if you are a business owner already, you need to know what your options are for financing. Of course, there are traditional loans, alternative lending options, and government small business loans. Beyond that however, there are small business loans for minorities, women, and veterans. There are loans for emergency situations, loans for rural small businesses, and even loans based on the type of business you plan to open in some cases. Who or what businesses are eligible for these special lending options, and where do you find them.
Small Business Loans for Minorities, Women, and Veterans
These loans are available through various types of lenders to those who meet specific criteria. They may be offered through big banks, community banks, or credit unions. Sometimes they are offered through special interest or professional groups. Typically they are guaranteed by the Small Business Administration. Qualification can depend on many things, but most often it is based simply on whether you can be described as a woman, a minority, or a veteran.
Loans for Emergency Situations
If the government issues a state of emergency in an area where you operate your business, there are different types of emergency loans available. These loans are backed by the SBA as well, and can be used to rebuild physical damage, or to help the business get back up and running after a drastic loss of business due to community wide natural disasters such as tornados, hurricanes, or flooding.
Loan for Rural Small Businesses
If your business is located in a rural area, there are special loan programs available. The SBA guarantees such loans as part of the B&I guaranteed Loan Program and the Rural Business Investment Program. In addition, some state economic development agencies and local agencies offer similar programs.
Our extensive network of lenders offers many different type of loans including those designed for specific types of people, locations, and situations such as these. Answer just a few simple questions, and we can match you with lenders that offer exactly what you need to open or grow your business. Visit Biz2Credit.com today for more information.