The last few years have proven that all businesses have their ups and downs. When the economy is down, business owners usually face difficulties. The Small Business Administration is available to help small businesses obtain a SBA Bridge Loan, which offers substantial benefits during hard economic times.
The Small Business Administration (SBA) program provides loan guarantees to lending partners. This helps eliminate some of the risk for the lending partner. These indirect loans provide a significant portion of SBA loan guarantees, which are set forth and established by the SBA. The lending partner is typically a bank, commercial loan or other structure that acts in accordance with government requirements, which enables them to offer SBA guarantees for small businesses that qualify.
The SBA Bridge Loan About provides a Rapid Advance, which helps assist business owners resolve obstacles that arise through the SBA approval process. Even when the bank or lender has approved the SBA loan request and the guarantee has been given to the business, the authorization requires that the owner meet specific requirements before the bank or lender funds the loan. One requirement includes paying past liens and taxes.
A tax lien is imposed by government law upon a specific property to help secure the payment of taxes. This lien is imposed for late taxes owed on personal property or real estate. This is a result of not paying income taxes or other taxes. This may also be associated with income taxes, gift taxes, estate taxes or federal taxes.
SBA Bridge Loans can help businesses pay tax liens. Business owners can use this to help access capital to resolve outstanding tax liens and receive a reduced payoff amount when the SBA loan is officially approved. The bridge loan can also be used to help finance day-to-day business operations and the lump sum bridge loan can help provide extra cash for businesses to spend while they are applying for the loan.
This program also offers other substantial benefits, which includes review qualifications for the business, not personal credit scores of the owners. This program also focuses on the cash flow of the businesses, focusing on the potential of the company. It is designed to calculate the gross sales and business cash flow, and does not focus on the fixed assets as primary collateral.
Small business owners that are looking to expand their businesses can greatly benefit from this type of loan, as it has a proven track record and promotes an excellent group of lenders.