Since more than half of Americans either own or work for a small business, we celebrate America's small businesses and the big contributions they make in our local communities and to our national economy. Every year since 1963, National Small Business Week, April 29 – May 5, 2018, is our chance to salute the small business owners who create two out of every three jobs for Americans. Despite being the key to our nation's recovery after the recession, many small businesses cannot get the funding they need to expand their operations.
In 1999, Congress designated May as National Military Appreciation Month to allow the nation the opportunity to publicly demonstrate its appreciation for the sacrifices and successes made by present and past service members. In addition to Memorial Day, May honors our military with Armed Forces Day, Loyalty Day and Military Spouse Appreciation Day.
It's time to celebrate America's small businesses and the big contributions they make in our local communities and to our national economy. National Small Business Week, April 30 – May 6, 2017, is also our chance to salute the small business owners who create two out of every three jobs for Americans. Despite being the key to our nation's recovery after the recession, many small businesses cannot get the funding they need to expand their operations.
When you get any business loan, the lender wants assurance that you will pay the loan back. There are several ways for a lender to protect itself, but two of the most common are for the lender to require collateral and a personal guarantee. A personal guarantee is a legal contract between a lender and business owners or other individuals to guarantee loan repayment. These guarantors agree that a lender has the right to pursue loan repayment directly from their personal net worth if the loan should go in default.
August 4th was Startup Day Across America, when we celebrate entrepreneurs and connect them with elected officials to discuss the challenges that new companies face. Entrepreneurs are crucial to both local and national economic growth. For over 30 years, startups have created an average of 1.5 million jobs per year, and Texas ranks fifth highest on the Kauffman Index of Growth Entrepreneurship.
Are you interested in the 504 Loan Program but unsure about what is involved? Community Business Finance's four-step loan process makes getting a 504 loan easier to understand. Our loan experts will navigate the entire process, from application through final funding, to make it as painless as possible for the borrower.
In part 2, we explain closing and final funding. For even more information, visit our 504 School.
Community Business Finance prides itself on borrower and lender education. In the past, we have exposed many myths surrounding SBA loans in general and the 504 Loan Program specifically. For quick reference we have gathered three common myths together to uncover the truth about a lending program that Community Business Finance feels strongly supports small businesses and allows them to achieve their dreams.
"All truths are easy to understand once they are discovered; the point is to discover them." - Galileo Galilei.