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Can I get a government grant that I do not have to repay instead of a business loan?

In spite of the late night TV hype and recent Obama Administration grants being the subject of the “rags to riches” common man mentality, the chances of you obtaining business loans are slim at best! As such, beware of scams about “government grant kits” that offer you free money. Remember that starting and expanding businesses are not given grants by the government. Grants from the federal government are only given to non-commercial organizations and/or non-profit and educational institutions or for research and development in areas such as education, medicine, scientific research and energy efficient technologies. What’s more, these grants are normally combined with other types of financing – like a loan; so essentially, this is not free money. Don’t be easily swayed by outrageous claims for “free money” – go to Global Financial Services for expert service on obtaining a business loan for your company.

What’s the timeline for getting a business loan request approved?

The time differs based on the loan amount, the financial strength of the business verified by the lender through Dun and Bradstreet and other chief business credit reporting agencies, length of time in business, credit scores and history of the principal(‘s) and nature of the business. Get in touch with our office for free analysis of these factors. When all requisites are met, approval of business loans would range between several days and 1 week. As such, you should be careful of “dignified telemarketers” who promise you 24-hours approval from your initial point of contact. Otherwise, your loan application would fall under the following negative results: numerous credit inquiries, reduced FICO scores, denial of credit request and the principal being “blackballed” from future financing. If it were really this fast, everybody would get loans!

Can direct lenders guarantee me a business loan?

NO! No broker can guarantee any business a loan since they’re not the lender and it is illegal for them to do so. In addition, we do not know of any direct lender who’s willing to guarantee a potential principal borrower without reviewing your financial details first. Do not ever count on any guarantee of funding from a lender until there’s a written approval of the application even if some applications may be done on a “stated or projected” revenue loan without tax returns via a streamlined application.

Defining SBA (Small Business Association) Loan

To make it less difficult for businesses to get a loan or a credit line, the Small Business Association, or SBA, has worked with many SBA lenders. Normally, the SBA guarantees 40-50% of the amount of the loan in case the borrower or business defaults therefore making the qualification procedure with the lender more streamlined and quicker for funding. However, beware as not every business will be eligible for an SBA loan as there are restrictions which the borrower must qualify for. For complete details, consult the professionals at Global Financial Services for the straight facts on how the SBA works and which loan product is best for you.