Government agencies generally do not make loans directly to business
owners. The government provides a guaranty to banks and lenders for
money lent to small businesses. This guaranty is a promise to pay a
portion of the loan back to the bank in case a business owner defaults
on the loan. A guaranty reduces the lender's risk, which allows the
lender to make loans to business owners who do not qualify for
So, the first place to start looking for a loan is with your local commercial bank or lending institution. The lender will have all the forms you'll need to apply for a government-backed loan, and will work with the government on the application process. You should also look to your state and local government agencies and local non-profits. Some of these organizations make loans directly to businesses, which means you won't need to go through a bank.
Applying for a Loan There are hundreds of government loans available for small businesses. Each loan program has unique application and eligibility requirements, however, most lenders ask for the same information for you. Before you apply for a loan, you should get some basic documentation together that will go into just about any loan package.
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