funding small business loans

Q I just started a small business, and I hear that the SBA has loan programs for entrepreneurs, but I think there might be lots of red tape.

Can you provide information on some of them and how to apply?--J.

Miller Via the Internet A One of the most popular loans available by the Small Business Administration is the 7a Loan Guaranty Program.

Through it, private lenders will make loans to your business that the SBA will guarantee, up to 85% on loans up to $150,000 or 75% on those more than $150,000 up to a maximum guarantee of $2 million, You can obtain an application from a local SBA lender in your area Before you meet with the lender, youll need to decide on how much money you need, what it will be used for, and how it will be repaid.

Existing businesses should provide a history of pany and how it has performed since inception, as well as financial records such as profit and loss statements for the last three years.

If youre looking for less than $150,000, there are other SBA-backed loans that require less documentation.

The SBALowDoc low documentation program, for example, was created for fast processing the SBA says approval time is 36 hours or less and has just a one-page application.

If $35,000 or less will work for pany, then a good, low-hassle option is the SBA Microloan Program, which guarantees an average loan size of $10,500.

For more information, Id mend reading SBA Loans: A Step-by-Step Guide, 4th Edition by Patrick D.

OHara John Wiley & Sons; $24.95 or The SBA Loan Book by Charles H.

Green $12.95; Adams Media Corporation.

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