Business Banking - BLOG
If you’re planning to start or expand a business, there are financing options available for you. The Small Business Administration (SBA) participates in a number of loan programs designed for business owners, entrepreneurs, start-ups, growing businesses, minorities, and veterans who may have trouble qualifying for a traditional bank loan.
To start the process, you should first visit a local bank or lending institution that participates in SBA programs. Salin Bank is a lender that participates in the SBA program. It’s important to note the SBA isn’t the entity that makes the loan or credit decision to start or grow a business. A bank determines that the loan is eligible for SBA financing and provides the actual loan; the SBA provides a guarantee to banks and lenders for a portion of the money they lend. This guarantee protects the lender’s interests if the business owner defaults on the loan. (Think of the SBA as a co-signer on a SBA loan.)