I have been running my small business for some years already. It was not easy, especially when the business was doing well. I sought assistance from the government for financial aid for expansion or keeping the business afloat.
There are several loan and aid programs that the Federal and local governments offer. Although the information is available on their official websites, the Small Business Loans app puts all the relevant data on one accessible platform.
Learn more about government aid available for small businesses through the Small Business Loans app. Discover the content and features of the Small Business Loans below.
- Discover Small Business Assistance
- Learn the Financial Aid Offered by SBA
- Explore the Small Business Loans App
- Know the Various Small Business Loans on the App
- Discover How to Finance Business through the App
- Check Grants and Other Funding Options on the App
Discover Small Business Assistance
People who wish to start a business in the United States must check the various federal and local governments’ loans and financial aid programs. It is advisable to check the US Small Business Administration website, as the agency is responsible for helping small business owners.
The US Small Business Administration was created in 1953 to assist small business owners and entrepreneurs. SBA is the only federal agency focused on small businesses providing capital, counseling, and contracting expertise to those who wish to start and continue to expand their businesses.
SBA sets guidelines for loans to reduce lender risk and make it easier for us, small businesses, to get the funding we need. The agency listed four steps to get an SBA-backed loan. First, it wants us to visit the Loans page to find the loan that best suits our needs.
Then, I need to enter my zipcode on Lender Match to find a suitable lender in my area. Then, I can proceed to apply for a loan through a trustworthy local lender. Lastly, the lenders will approve of and help me manage my loans.
Benefits of SBA-Guaranteed Loans
Taking a loan poses risks when we transact with an untrustworthy lender. Thus, it is advisable to take the SBS-backed loans because the agency is fully backed by the federal and local governments, ensuring welfare for small businesses.
In addition, there are several benefits of applying for SBA-guaranteed loans. First, there are competitive terms because they generally have rates and fees matching non-guaranteed loans.
SBA also offers counseling and education by continuing to lend a hand to support starting and running the business. Lastly, SBA-guaranteed loans offer unique benefits, including flexible overhead requirements, lower down payments, and no collateral requirements.
Learn the Financial Aid Offered by SBA
As the agency dedicated to helping small businesses in the country, SBA offers several types of financial aid and programs to empower starting entrepreneurs and assist struggling business owners. SBA provides the following financial aid options: loans, investment capital, disaster assistance, security bonds, and grants.
Loans are meant to help small businesses to start or expand while ensuring the security of the loans guaranteed by the SBA. Through the investment capital program, it is possible to find an investor for a business to make both debt and equity investments.
SBA offers disaster assistance to help small businesses after a disaster with low-interest loans. Security bonds help protect our work and clients with the SBA-guaranteed security bond.
Lastly, there are grants offered by SBA. These are government-funded grants to help small businesses do scientific research and development. This is vital for the innovation of business models, products, and services offered by small businesses.
Small Business Loans App
Although all the important pieces of information are available on the SBA official website, I found it overwhelming because there are too many. Sometimes, I also had difficulty finding the right website of a local or state government agency where I could seek help.
Fortunately, there is the Small Business Loans app by Trend Mobile App. It contains all the necessary information regarding small business loans and financial aid offered by SBA in a bite-sized comprehensible manner.
Trend Mobile App launched the Small Business app for Android devices only. I installed the Small Business Loans app from the Google Play Store. The app is entirely free and compatible with Android OS 4.1 and up devices.
Explore the Small Business Loans App
The Small Business Loans app clarified that is owned and maintained by a private company that is not endorsed, authorized, affiliated, or licensed by the Federal Government of the United States or other government entities.
Although it is not affiliated with any government agency, the app aims to help anyone who wishes to thrive with their business. Upon installing the Small Business Loans app, I can see this because it immediately displayed its content on the Home page.
The Small Business Loans app has the following categories for its content; Small business Loans, Do Business Loans, Finance Your Business, Office of Small & Disadvantaged, Loan Calculator, Free Credit Reports, Latest News, and Videos on Small Business Loans.
All the categories on the app are also present in the menu. Aside from the content, I can also find the information about the Small Business Loans app and the Settings menu. There is also a share button on the Home page so I can share the content with my friends and family.
Interestingly, the Small Business Loans app offers a Loan Calculator, so I can assess my current loan condition. It is a calculator for paying back a fixed amount periodically. The Loan Calculator asks for the loan information to compute the payment information.
I needed to provide the loan information, including the loan amount (any currency), the annual percentage rate of the interest, and the repayment period in years. Then, I have to click the “Compute” button.
The app will then provide the payment information. I will know my monthly payment, total payment, and total interest payments.
Know the Various Small Business Loans on the App
As mentioned, the Small Business Loans app offers a summary of the important information about the financial aid from SBA. The first main content of the app is the Small Business Loans, where I can explore a variety of loan categories for starting, expanding, disaster loans, and export assistance.
The app listed 10 programs of SBA, which I can apply for depending on my need. The financial aid programs available on the app are 7(a) Small Business Loan, Business Physical Disaster Loans, Business, and Industrial Loans, Certified Development Company (504) Loan Program, etc.
In addition, I can also read about the Economic Injury Disaster Loans, Equity Investment – Small Business Investment Company (SBIC) Program, Indian Loan Guaranty, Insurance, and Interest Subsidy Program, Microloan Military Reservist Economic Injury Disaster Loan Program, and Short Term Lending Program.
The Small Business Loans app offers a brief description of the program’s benefits and requirements. In addition, the app provides a direct link to the official website of the government agencies concerned with these programs, so I can read further the details.
Do Business with the Government
The Small Business Loans app also provides ways to do business with the government. It is simply about how I can directly transact with the government concerning my small business.
The app has four options or scenarios on how I can do business with the government: Sell to the Federal Government, Sell to the Federal Government through GSA, Sell to State and Local Governments, and Sell to the Military.
Discover How to Finance Business Through the App
Aside from the list of financial aid that I can get from the government to assist me with my business, the app offers ways that I can finance my business. It focuses on government loan programs.
The app mentioned that government loan programs offer financial support to business owners who may have trouble qualifying for traditional bank loans. It also explained that I would need to create a loan package with the participating lender that qualifies for a government guarantee.
The guarantee portion represents the part of the loan that the government is willing to repay the lender. It means that the government increases the likelihood of a loan being offered by reducing the risk to the lender.
The app also explained the agency tools and services that can help me find the loan that best suits my business needs: Small Business Administration, US Department of Agriculture, GovLoans, and Small Business Lending Fund (SBLF).
Office of the Small and Disadvantaged
Interestingly, the app also lets me explore the list to find an agency that my business would like to learn more about working with. I can find information about the different departs like Agriculture, Defense, the Navy, Defense Education, etc.
There are over 40 government agencies and offices that I can explore on the Small Business Loans app.
Check Grants and Other Funding Options on the App
It is also possible to find federal grants and other funding options on the Small Business Loans app. The app explains that the federal government does not offer grants for starting or growing a business.
The federal government supports and offers grants only for non-commercial organizations in medicine, technology development, and related fields. Thus, it is advised to check what the state and local governments offer for small businesses as grants.
There are other funding options that I can avail such as the SBIC. I can also get Small Business Innovation Research Program grant and State and Local Business Assistance.
Other Features of the Small Business Loans App
The Small Business Loans app provides free credit reports, so I will be updated with my credit condition. The app displays the contact information of the Annual Credit Report agency.
It is also possible to stay on top of everything happening related to small businesses, such as policies, grants, and news on the app. Lastly, I can check relevant information through videos on the Small Business Loans app.
The Small Business Loans app lets its users know all the relevant information about the financial aid programs of the federal, local, and state governments to help start or expand small businesses in the country.