Starting a Business

Applying for a business loan and securing its approval can be a lengthy process. The actual approval time varies widely depending on the type of loan, its complexity, and the borrower’s timeliness providing the necessary information. This guide from SBA can help you gather the right paperwork, whether you’re applying for an SBA loan or a regular business loan.

But knowing exactly what you’re signing up for is just as important as rounding up the details and completing the paperwork accurately. If you’ve ever purchased a car and found yourself surprised when extra line items turn up on your monthly billing statement, then you’ll know the feeling. With loan agreements, there are devils in the details. That’s why it’s critical to pay attention to the fine print, often found in the promissory note or security interest section of the agreement.

Here are some tips for what to look for and how to avoid potentially costly mistakes:

Common Details Buried in the Fine Print

Some of the key terms that make up a loan agreement aren’t always as explicit as one might hope. The fine print, for example, can include detailed and complex technicalities, qualifications or restrictions of the agreement, and even vital information about the loan’s terms. Things to look out for include:

Small business owners looking for ways to grow and develop their businesses are invited to take part in National Small Business Week’s free networking and educational forums and dialogue with leading business experts during National Small Business Week, May 20-22 in Washington, D.C. 

The U.S. Small Business Administration and its private sector partners are holding key business forums, and are encouraging small business owners and entrepreneurs to sign up, register and spread the word to other small businesses interested in attending.  

USA.gov is a free on-line resource for the U.S. Federal Government with expansive index of content and resource for businesses.

Purpose: Find resources on starting and managing a business, selling to and buying from the government, exporting, importing, and much more. Access online government services for businesses.

Who should use USA.gov?

• Any business or individual looking for sources of federal government information and business resources.

Who can access USA.gov?

• Publicly accessible via the web.

What major resources are available?

The 8(a) Business Development Program is a business assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.

The 8(a) Program is an essential instrument for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. The programs helps thousands of aspiring entrepreneurs to gain a foothold in government contracting.