Here are some of the FAQ’s of starting a business.

How do I apply for a small business loan?
Get together your business plan and loan proposal and submit it to the lender of your choice. If the lender doesn’t approve your loan, you can ask the lender to submit your load to the SBA. Usually the SBA can approve 80% of small business loans if the lender agrees to loaning the money (which the SBA can guarantee). The lender can then advance your load application and credit scores to the local SBA District Office. If your lender needs help with SBA applications or guidance they can talk to the SBA District Office. As long as the SBA approves and backs the loan your lending agency is free to close the loan and disburse the funds to you.
For further SBA loan questions click the below link.
http://www.sba.gov/financialassistance/borrowers/resources/basics/index.html”>

How do I obtain a small business grant?
Unfortunately at this time Congress does not have any monies for grants to start or expand your small business. However the SBA does provide a loan guarantee program for loans submitted through your local lender.

For more info on grants click below:

http://www.sba.gov/financialassistance/borrowers/index.html

How do I get my business started and how do I write a business plan?
The SBA has a lot of information on their site on how to start your business. They have a section called the “Small Business Planner” where you can find information on writing a business plan, applying for loans, and places to get one on one counseling. The Small Business Development Center offers counselors that will go over and critique you business plan, help out with legal requirements, marketing, advertising, and licenses that you’ll need. To find the nearest location click the link below:

http://www.sba.gov/

How do I get a business license?
The licensing you will require for your particular business is usually handled through your local or state government. You can check out the Local Resources section of the sba.gov website for further assistance and one on one counseling.
Click the below link for more info:

http://www.business.gov/register/licenses-and-permits/

What type of collateral do I need for a loan?
If you are applying for a loan with the help of the SBA, their decisions are not made solely on collateral. The also look at the repayment ability from the cash flow of your business, your character, management capability and the owner’s equity contribution. All owners of 20% or more are required to guarantee their loan back to the SBA. The SBA doesn’t deny approval if you don’t have collateral, however it can be used as a strike against you especially if you have other credit factors against you. For more info on requirement on SBA loans click on sba.gov

Is there any business assistance available in my area?
Yes there are lots of counselors out there to help you with your new business venture. There are 375 SCORE chapters and 1,000 Small Business Development Centers nationwide. SCORE is great because they provide free advice from people that have firsthand experience with opening a business. The SBDC is also a wealth of information because they provide a plethora of management and technical assistance to small businesses.