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The Small Business Administration works with lenders like Cogent Bank to provide federal financial assistance (grants) community resources for certain small businesses. There are six types of SBA loans available to businesses in the State of Florida, including:
As active agent, Cogent Bank works directly with the SBA to make loans available to the small business community. Business who meet the following criteria may qualify for an SBA loan:
The benefits for small business owners include:
The SBA works with lenders to provide loans to small businesses. The agency does not lend money directly to small business owners. Instead, it sets guidelines for loans made by partners list Cogent Bank. The SBA’s support makes it easier for lenders to access capital for small businesses loans.
Businesses with an excellent business credit score as well as good personal credit are most likely to be successful in acquiring an SBA loan. Other factors also affect eligibility including what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet size requirements, be able to repay, and have a sound business purpose. Other factors, such as revenue, cash flow and time in business may also be considered in determining your eligibility.
Applicants should be aware that the application process for an SBA loan is longer, requires more documentation, and is more involved than with any other loan. Both the business owner and the business itself are carefully evaluated before an SBA loan is granted.
The SBA's flagship 7(a) loan program also offers financing that borrowers can use to start businesses. But 7(a) SBA loans are tough to get. They typically go to established businesses that can provide collateral — a physical asset, such as real estate or equipment, that the lender can sell if you default.
Small business owners interested in applying for an SBA loan can begin the process by filling out the contact us form on our website. A representative will respond with more information and the next steps.