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Most small businesses need a little financial help getting off the ground or out of the garage. And while there are many ways to finance a startup, from angel investors to friends and family, most small biz owners are turning to loans to get their businesses up and running, or get them through a rough patch.
While borrowing a large amount of money for your small business may seem daunting, there are government programs and incentives that can help. Here's some essential legal information you need to know when looking for a small business loan.
The Small Business Association might be one of the largest lenders to startups and small business entrepreneurs. And over the years, the SBA has worked to make getting a loan for your small business easier by lowering the collateral requirements and expanding the amount and type of projects that are eligible for financing.
Where the SBA can't help, perhaps the internet can. More and more startups are turning to online crowdfunding campaigns to ramp up their operations. But how does that change your legal obligations to those providing the financing?
In an effort to support female business owners, the SBA and other government grant programs are trying to close the financing gap between women entrepreneurs and their male counterparts. Learn more about those opportunities here.
What happens when your income is interrupted by a flood or wildfire? And what can you do if your small business is swept away entirely by a hurricane? The SBA often steps in to assist local communities and their small businesses after a natural disaster with loans that can restart or rebuild your business.
The scariest part about taking out a loan is not being able to pay it back, and having that destroy your credit and possibly your small biz as well. But not all missed payments necessarily mean defaults.