You don't need to be told that these are tough economic times. Stores and restaurants across the country have been forced to stay closed for weeks, some even longer. For many small businesses, this time of missed revenue has been detrimental. If you're worried that lost time is enough to force you to close for good, you aren't alone. This means lost jobs, not enough money, and big trouble.

You know there are loans available for this situation, but they are so hard to figure out! What is the SBA? How can you get approved? Isn't there anyone who can help you? We'll get to that last question, but first let's discuss the SBA in general.

The SBA is the U.S. Small Business Administration and they back these SBA Loans. Many times, access to business funding in Miami, FL through this type of loan is precisely what you need in order to grow your business from a small start-up to a huge success!

Get Your Needed SBA Loan

You don't go directly to the SBA for the money you need. The SBA works with various lenders to provide funding to small business owners. There are some right here in town! It is important to note that the SBA doesn’t actually lend money itself. The SBA instead “sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions.” This is referring to the type of company who can help you get access to the funding you need.

By doing this the SBA “reduces risk for lenders and makes it easier for them to access capital.” Essentially, the SBA works to make it easier for small businesses to get loans they perhaps otherwise would not be approved for. Normally, businesses must meet size standards, be able to repay, have good credit, and have a sound business purpose. Through the SBA, small business owners may qualify for any amount from $500 to $5.5 million.

The SBA works with the lenders, and you work with a company to connect you to the right lending company. It's not as complicated as it sounds, and in the end you'll have the business loan in Miami, FL you need in order to stay open.

A Few More Pieces of Information

As stated above, SBA Loans range from small to quite large. What do you need your money for? You can buy new equipment, pay your staff even though you don't have much profit right now, and stock your shelves in order to open back up after the Coronavirus pandemic. You can be approved to get funding and use it for most business purposes, so your specific needs are more than likely acceptable.

Find out if You are Eligible

Even those with bad credit may qualify for a SBA Loan! As for eligibility requirements, each individual lending company will have its own unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates.

You need access to this money. The funds are there available for you. All you need to do now is connect with a company that will help you apply and be approved. Soon, you'll have the money you need to run your business regularly and pay your employees.