The Small Business Administration planted its roots and began to take shape during the summer of 1953. Overtime, or time worked beyond a standard 40-hour workweek by hourly, non-exempt employees, can wreak havoc on the operating budget of a small business. You will need to first speak with the U.S. Export Assistance Center to determine if your business qualifies for an Export Loan.
To help small business participate in war production and give them financial viability, Congress created the Smaller War Plants Corporation (SWPC) in 1942. SBA has very special and easy terms to offer business grants to women entrepreneurs and members of the ethnic minority groups to help them become economically independent. Look into the viability of your idea and test the feasibility of the business you have in mind.
The organization does not offer grants or direct loans, with the exception of disaster relief loans, but instead guarantees against default pieces of business loans extended by banks and other official lenders that meet the agency’s guidelines. It’s this guarantee that allows SBA loans to offer flexible solutions – and why it’s such a good choice for small businesses.
The Small Business Administration guarantee can help borrowers overcome the problems of a weak loan application associated with inadequate collateral or limited operating history. Businesses are also eligible for long-term, low-interest loans to recover from declared disasters.
The Tennessee Small Business Development Centers Network shall not be held responsible for any typographical errors, misinformation, or misprints. In addition to business training services, 68% of WBCs provide mentoring services, and 45% provide microloans.