Almost every entrepreneur needs financing to move an idea from the concept stage to the commercial deployment stage. The United States Small Business Administration offers some loan products that cater to the needs to star-ups.
The Basic 7(a) Loan Program is available to eligible borrowers to start, acquire or expand a small business. This is the most commonly used SBA product and borrowers must apply for such through an SBA participating lender.
The SBA Microloan Program offers very small start-up loans to start-ups, newly established or growing small businesses. The SBA makes these loan available through nonprofit community based lenders which, in turn, make loans to eligible borrowers. The maximum amount that can be borrower through this program is $35,000.
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