The recession has sent many small business owners on a rollercoaster ride when it comes to securing funds for their businesses. The thing to remember is that you are running your business to make a profit and to provide a product or service that helps others, and that product or service may not be right for everyone. In the wake of the credit crunch, the U.S. Small Business Administration’s role in helping to guarantee loans for small companies has become more important than ever.
Large bank institutions, such as Chase, Bank of America and Wells Fargo, generate the bulk of their SBA loan volume by loans, especially the express loan and line of credit, offered to those who would be declined for ‘normal’ bank credit due to factors such as length of time in business or slightly more conservative underwriting factors. Provide the name, home address, Social Security number and …

