Cape Ann Savings Bank is an accredited Small Business Administration Lender (SBA). Purchasing equipment, financing the purchase of a business and in certain instances, working capital. The applicant must be current on payroll taxes and have in operation a depository plan for payroll taxes. A lender feels comfortable when he knows that the borrower is running his business knowledgeably; then, he finds no reason why he should not start financing these kinds of businesses. Typically, a new applicant should inject 33 percent of the total funds needed to start a new business.
Starting a business is also an adventure because, along the way, a person gets to try his hand at things in completely new territory. There are other requirements that vary from loan to loan or industry to industry-the SBA has standards for what size (in terms of employees and revenues) qualifies as a small business. However, you may rest assured that your online business may have the funds it requirements.
Applying for an SBA loan is like applying for a regular commercial loan – except this may be the last resort for your businesses because you have to have been turned down for a business loan on your own. Small business administration grants are provided for small businesses that are already in operation.
Generally speaking, if you cut funds to an agency, certain things start to slip and that is not a message that the SBA, or the Bush Administration for that matter, want going public. These requirements could include the number of people who work for the business, the average income and profit of the business and the type of business. Promotional material indicate loans are at zero interest but there are monthly fees.
Planning starts with a review of existing financials, reviewing the business operations to identify improvements. The Administration also provided help to small businesses to obtain government contracts and provided management consulting and technical assistance.