If you are just getting started in business, or want to expand, then small business administration loans could be an ideal solution for you. Translation: banks are comfortable with the new SBA (as opposed to the more insular and contentious regime under the Bush administrations that spent more time fighting and failing to communicate with lenders than trying to treat them as partners) and so more willing to make loans even though the default rates go higher.
These lender programs were designed to provide better response to borrowers; they accomplish this goal by placing additional responsibilities on the lenders for analysis, structuring, approval, servicing and liquidation of loans, within The Small Business Administration’s guidelines.
There are a number of general qualifications that must be met before a business can obtain a SBA guaranteed loan. The Small Business Administration guarantees some $12 billion per year in loans. The SBA or the Small Business Administration, which is a United States government agency, provides small business start-up loans with the aim of improving the economy of the country.
This is primarily due to the fact that one of the reasons why the small business administration was created was so that traditional businesses could be launched and individuals would hire other people within their small business facilities. Banks that are already SBA lenders don’t have to do anything different in the loan process.
Current business owners looking to build an additional storage facility will need to provide the same credentials, including a property overview, proposed location, expected occupancy, documented managerial experience in the related field, and a few other details that can be explained in full by a reputable mortgage broker who specializes in self storage loans.