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Ten Myths and Facts about SBA


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TERMINOLOGY


Myth: It takes four to six months to get a SBA Loan processed.
Fact: Completed loan applications from banks average 10 working days.
 
 
Myth: Small loans are not available through SBA.
Fact: SBA provides an incentive to banks to make loans nder $50000 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 ($50000 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.