Small Business Administration

4 Tips for Mastering Your SBA Loan Application

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.

Financing is a big hurdle for many minority-owned businesses

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.

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