Apply Online Ask Us About Same Day, Direct in-house Funding!

Imperial Advance – A+ Rated Business Loans | Same Day
Call Us 1-888-633-2083
  • Apply
  • Financing
    • WHY IMPERIAL
    • FINANCING TYPES
    • INDUSTRIES WE FINANCE
    • LOAN CALCULATOR
  • Our Business
    • About us
    • Referral Partners
    • Employee Recognition
    • Careers
  • Renewals
  • Blog
  • Contact us
0
  • No products in the basket.
Loan Calculator

Industries we Finance

Loan Calculator

Loan Calculator

Financing Types

Financing Types

Financing Process

Our Process

Latino Businesses in U.S. Generate 700 Billion in Sales

Latino Businesses in U.S. Generate 700 Billion in Sales

2018 Hispanic Business Owner Spotlight

2018 Hispanic Business Owner Spotlight

Highlights from the Underserved Market Study

Highlights from the Underserved Market Study

Key Insights for Small Business Growth and Financing

Key Insights for Small Business Growth and Financing

RESTAURANTS & BARS

RESTAURANTS & BARS

AUTOMOTIVE REPAIR

AUTOMOTIVE REPAIR

CONSTRUCTION & CONTRACTORS

CONSTRUCTION & CONTRACTORS

Imperial Advance – A+ Rated Business Loans | Same Day

Home

Month: December 2015

15 Dec
2015

Understanding Business Physical Disaster Loans

by Michael Pennartz | with 0 Comment | in Blog
Understanding Business Physical Disaster Loans

Running a business is no easy task.  At some point in the life cycle of most businesses, the owners will be seeking startup capital or working capital. According to the U.S. Small Business Association, small businesses borrow for four principal reasons: 1) starting a business; 2) purchasing inventory; 3) expanding the business; and 4) strengthening the firm. Hurricanes, tornadoes, flooding and other natural disasters can wreak havoc on an otherwise thoughtful business plan.

If you run a business in an area that is a declared disaster area, you will likely be seeking assistance in recovering from your losses. The Small Business Administration (SBA) allows businesses of all sizes and most nonprofit organizations to apply for a loan to recover after a disaster. To be eligible for SBA disaster assistance loans, you must be located in a declared disaster area and have suffered physical damage.

You will be required to give evidence of the physical damage before your loan can be approved. Also, in order for the loans to be approved, the applicants must show a reasonable ability to repay the loan plus other obligations from company earnings.

If you cannot obtain a loan elsewhere, the loan will be offered at an interest rate not exceeding 4 percent. For businesses and nonprofit organizations that are capable of obtaining credit elsewhere, the loan will be offered at an interest rate not exceeding 8 percent. It is the responsibility of the SBA to determine whether the applicant can obtain credit elsewhere, before they can approve them according for Business Physical Disaster Loans. Depending on your company’s ability to repay the loan, the repayment period can go to a maximum of 30 years.

For the application process, you will require to submit a completed application form and a signed and dated IRS form 8821 which gives the IRS permission to supply the SBA with details of your tax returns. The application can be made online on SBA’s secure website.

Companies who are seeking bad credit business loans or a business cash advance may find the SBA loan approval process too lengthy for immediate funding needs.  If you are searching for how to find working capital after a natural disaster, lending companies have worked with small businesses all over the United States to provide working capital and secured and unsecured funding options.

The desire to own and operate a business is one that is shared by many people. Unfortunately, when physical losses occur to a business, the unforeseen recovery expenses can be very high. The good news is that even if you have been hit by a disaster, you can recover from it. Business physical disaster loans offer a lifeline to companies struggling to rebuild their small business.

Tagged Business Physical Disaster Loans
01 Dec
2015

7(a) Small Business Loan Options

by Michael Pennartz | with 0 Comment | in Blog
7(a) Small Business Loan Options

7(a) business loans are the most basic and most popular small business loans available from the Small Business Administration (SBA) . These loans are a result of section 7(a) of the Small Business Act, which gives the agency the mandate to provide business loans to American small businesses. This loan program was designed with the intention of enabling for-profit businesses, which are unable to access financing elsewhere, get the funds they need.

Because SBA provides loans to businesses and not individuals, eligibility is assessed based on aspects of the businesses, and not their owners. In order for a business to be considered for financing under SBA’s 7(a) loan program, it must meet certain criteria. These include:

  • The business must meet SBA size standards
  • It must be for-profit
  • It must not already have the internal resources, be they business or personal, to finance itself. That is, the business needs to first assess whether they are capable of using personal resources for financing before seeking financial assistance.
  • It must be able to demonstrate repayment
  • Must be engaged in, or propose to do business in the United States or its possessions
  • Must use the funds for a business purpose that is sound
  • Must not be delinquent on any debt obligations to the U.S. government

Depending on the activities conducted by a business, the SBA may deem the business ineligible for a 7(a) loan from the federal government. For instance, banks and financial companies and other businesses involved in lending are not considered for financial assistance. Also, there are instances where special considerations for the 7(a) loans are made. For example, franchises are eligible for financial assistance, but only if the franchisee has the right to profit from efforts commensurate with ownership. Also, recreational facilities can get these loans but only if they are open to the public, and if they are membership-only facilities, the membership is not denied to particular groups of people.

The maximum amount of loan that a business can be granted under the 7(a) loan program is $2 million. For a real estate loan, the length of the loan is 25 years while working capital loans must be repaid in 7 years.

If you have decided to apply for this loan, there are several things that your local lender will require from you. These include:

  • Duly completed SBA loan application form
  • Personal background and financial statement. You will be required to complete two forms: Statement of Personal History and Personal Financial Statement.
  • Business Financial Statements
  • Ownership and Affiliations
  • Business certificate or license
  • Loan application history
  • Income tax returns
  • Resumes
  • Business overview and history
  • Business lease

If you are purchasing an existing business, additional information will be requested. For companies looking for immediate working capital or a business cash advance, private lending companies may be preferable.

Recent Posts

  • Latino Businesses in U.S. Generate 700 Billion in Sales
  • 2018 Hispanic Business Owner Spotlight
  • Highlights from the Underserved Market Study
  • Key Insights for Small Business Growth and Financing
  • Celebrating National Small Business Week

Recent Comments

  • marketing ideas for small businesses on 10 Small Business Facts
  • Ben Black on How to Dispute Errors on Your Credit Report
  • Break Into Hollywood with Some Entrepreneurial Spirit | Hollywood Blog on Fast Business Loans – Facts and Figures
  • Show Up for a Week, Stay for a Lifetime | Travelogger on Fast Business Loans – Facts and Figures
  • 3 Questions to Start a Family-Run Business | Parenting Blog on 2015 Small Business Lending Options

Archives

  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015

Categories

  • Blog
  • Community
  • Employee of the Month

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

LATEST NEWS

Latino Businesses in U.S. Generate 700 Billion in Sales

Latino Businesses in U.S. Generate 700 Billion in Sales

July 15, 2019

2018 Hispanic Business Owner Spotlight

2018 Hispanic Business Owner Spotlight

July 1, 2019

TESTIMONIALS

CONTACT US

1-888-633-2083

Email Us

247 W 36th St, New York, NY 10018

Disclaimer

  • Charitable Foundation

Inverse Logo

SSL

BBB


California Lender License No.60DBO-56119
Copyright © 2018 Imperial Advance ®, LLC. ALL RIGHTS RESERVED.
  • Apply
  • Why Imperial
  • Financing Types
  • About Us
  • Referral Partners
  • Blog
  • Privacy
  • Sitemap
  • Apply
  • Financing
    • WHY IMPERIAL
    • FINANCING TYPES
    • INDUSTRIES WE FINANCE
    • LOAN CALCULATOR
  • Our Business
    • About us
    • Referral Partners
    • Employee Recognition
    • Careers
  • Renewals
  • Blog
  • Contact us