article thumbnail

10 Reasons You Don’t Qualify for an SBA Disaster Loan

Up and Running

Luckily, the SBA has created a separate COVID-19 Disaster Loan, with less stringent eligibility criteria and a streamlined application process to hopefully make more funds available for more businesses. . Most banks will not issue traditional SBA loans to brand new businesses. Your business is brand new.

SBA 139
article thumbnail

The Right Ingredients: SBA Loan Prep Steps

YoungUpstarts

Small businesses often seek out SBA loans for assistance with working capital because these loans have the lowestsingle-digit interest rates, and best repayment terms with lower monthly payments compared to other options. However, there are several challenges a small business faces when attempting to secure an SBA loan.

SBA 154
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

What Small Businesses Can Do To Survive And Thrive During The Pandemic

YoungUpstarts

On their website, you can learn more about the Paycheck Protection Program or PPP, the EIDL Loan Advance, the SBA Express Bridge Loans, and the SBA Debt Relief. The Express Bridge Loan enables small businesses that have a business relationship with an SBA Express Lender to get up to $25,000.

article thumbnail

How to Make Sense of the PPP Loan Program for VC-Backed Startups

Both Sides of the Table

This money is administered by the SBA (small business administration) and is obtained through an approved bank who reviews your application. you can at least sleep better at night believing that this SBA Program met its intended goal. The goal of the program is in the name?—?payroll payroll protection. Nobody knows for sure.

article thumbnail

The SBA Needs To Get It’s Act Together On The PPP

VC Adventure

The SBA’s implementation of the Payroll Protection Program (PPP) has been a mess. In particular, the SBA has given inconsistent guidance that continues to change and evolve, leaving companies left to wonder if they qualify or not. But, while very well-intentioned, it’s implementation has been flawed.

SBA 79
article thumbnail

6 Stories of Successful New Entrepreneurs to Inspire Your Business

Up and Running

How these six businesses worked with the SBA to grow. The Small Business Administration (SBA) is a federal agency that supports the US economy by aiding small businesses, including offering loans and grants as well as free education, assistance, and other resources. iRobot — From robots to riches. Christopherson Travel — Flying high.

Columbus 134
article thumbnail

How to Get Funding for a Business

Up and Running

A plan is also required for applying for a business loan guaranteed by the Small Business Administration (SBA). The Small Business Administration (SBA). The SBA makes loans to small businesses and even to startup businesses. SBA loans are almost always applied for and administered by local banks.

SBA 161