Applying for a franchise/small business loan? Maybe you will be able to do it in a much more Green way. Instead of hopping into your vehicle, and going up to your local SBA lender's place of business, you may be able to sit at your computer, and apply for the American Dream, right online…
Senator Olympia Snowe, R-Maine, is introducing a bill that would allow for that. WOW. This is so Web 2.0. {I am not being sarcastic, for once.}
In addition, in order to boost lending to a lot of folks that read this blog, {Prospective franchise owners} the bill also includes a $15,000 increase in the amount you can borrow in the SBA's Microloan program. This is great news!
First do your business plan. Then read the Bill.
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The problem with SBA lending are the underwriters – they may have relaxed fees, increased $$$, etc., but the underwriters are preventing lending – i have been to 3 banks now for expansion money and have not been able to get passed underwriters. we have great credit, a solid plan based on our 3 year history yet little colleteral – if i had $500K in the bank or 2 homes to put up, then what the hell do i need a bank for? this whole thing is very backwards and as far as i am concerned, this administration is not pro-business – regarding SBA lending, i would not get my hopes up
Sam,
If you have been a regular reader of this blog, you know my style. If not, please note that it is No-Spin.
I have not heard too many positive things concerning the lenders loosening things up a bit.
I think the SBA is trying. The banks need to also.
I am sorry to hear about your troubles. I hope you get your $$.
The Franchise king
Joel Libava