Description
Why do I need a business plan? Because you can apply for a government-funded loan (SBA loan) instead of a conventionalloan. The interest rate for a government-funded loan is the current prime rate plus 1.75 to 6.5 points depending on your credit history and the loan can be granted for up to fifteenyears. The interest rate for a conventional loan is up to 4% higher than for an SBA loan andthe length of a conventional loan is on average only up to five years. Even if your credithistory is not perfect, you have a much better chance to get approved for an SBA loan thanfor a conventional loan. Your chances of approval will also increase if you are a member of aminority group such African American, Native American, Hispanic American, an AsianAmerican, or if you plan to start or expand a woman-owned-business.
Binding / Paperback: 46 pages
Publish Date: November 18, 2018
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