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Ten Myths and Facts about SBA

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Myth:

It takes four to six months to get a SBA Loan processed.

Fact:

Completed loan applications from banks average 10 working days.

Myth:

SBA only provides free business counseling to business people with SBA loans.

Fact:

SBA provides free business counseling to all business people.

Myth:

SBA provides no assistance in helping a business get federal contracts from the government.

Fact:

SBA has procurement assistance at Small Business Development Centers across the country.

Myth:

A business person can get cheaper interest rates for business loans from SBA.

Fact:

SBA does not provide lower interest rates for small business people. Interest rates are negotiable with the bank, but are limited to 2.25% above the prime rate in the Wall Street Journal for loans with maturities of less than 7 years, and limited 2.75% with maturities of 7 years or more.

Myth:

Small loans are not available through SBA.

Fact:

SBA provides an incentive to banks to make loans under $50,000 by reducing their guarantee fee by half.

Myth:

SBA has no specialized programs to assist minority business persons.

Fact:

SBA's 8(a) and 7(j) programs provide specialized management and technical assistance to minorities.

Myth:

There are few SBA loan programs.

Fact:

SBA finance programs provide a wide spectrum of opportunities including Guaranteed Loan, Handicapped Assistance, Contract Loan, Veterans Loan, Exported Revolving LOC, and Small Business ($50,000 and less).

Myth:

SBA has no programs to assist veterans.

Fact:

SBA gives veterans priority when their loan application arrives in the office or when they need business counseling to start a small business.

Myth:

SBA has grants to start or expand a small business.

Fact:

SBA has NO grant program to start or expand a small business.

Myth:

Contractors receive no assistance from SBA.

Fact:

SBA's Surety Bond Guarantee Program assists contractors with their Bid Bond, Performance Bond, and Payment Bond.

(Article Courtesy Mortgage 101)

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