Traditional bank loans have become increasingly difficult to obtain for small business owners. Fortunately, there are other small business loan options that have less stringent lending standards. The SBA, for example, makes guarantees through approved, local lenders, mitigating some of the risk to the financial institutions, which means, you have a greater chance of receiving approval for a loan.
Small Business Administration
For small businesses with high-cost loans for office buildings, warehouses or other real estate, a new government program offers potential relief: The Small Business Administration will begin accepting applications for its 504 refinancing program on June 24.
The Small Business Administration’s flagship 7(a) loan program is booming, and that makes it more important to ensure that the lenders who make these government-guaranteed loans follow the rules.
PEORIA — Melvin Murry has some advice for someone who wants to start a business: take it seriously or you’ll be out of business. “Be prepared to work twice as hard as you would in a 9-to-5 job. I know some people think having your own business is peaches and cream, but it’s not. You have to be willing to sacrifice. You have to be married to it,” said the owner of Murry’s Custom Autobody, 1501 SW Jefferson Ave.