Can I get a government grant that I don't have to repay instead of a business loan?

In truth, inspite of the hype of the Obama Administration grants, your chances of obtaining business loans from the government are slim. Don't fall prey to the scam artists selling "government grant kits" promising you free money! The federal government does not provide grants for starting and expanding a business. Grants from the federal government are only given to non-commercial organizations and/or non-profit and educational institutions or for research and development in areas like education, medicine, scientific research and energy efficient technologies. In addition, these grants aren't actually free money, and usually need the recipient to match funds or combine the grant with other types of financing like a loan! Don't be easily swayed by outrageous claims for "free money" - go to Global Financial Services for expert assistance on obtaining a business loan for your company.

What's the timeline for getting a business loan request approved?

The time differs based on the loan amount, the financial strength of the business verified by the lender through Dun and Bradstreet and other major business credit reporting agencies, length of time in business, credit scores and history of the principal('s) and nature of the business. Get in touch with our office for free analysis of these factors. Approvals can be arranged ranging from as little as several days to about 1 week once all of the above is complied with and verified and has met lender requirements. As such, you must beware of "dignified telemarketers" who guarantee you 24-hours approval from your initial point of contact. The result is often numerous credit inquiries, reduced FICO scores, denial of credit by numerous lenders, and the principal becomes "blackballed" from financing in the future. Just think about it, if things were really this simple, then everyone would have enjoyed the advantages of a loan already.

Can direct lenders promise me a business loan?

You need to understand that brokers aren't legally allowed to guarantee any business loan. Moreover, no direct lender that we know of will guarantee a potential principal borrower or entity a loan without first reviewing the pertinent financial information. A few applications may be done on a "stated or projected" revenue loan without tax returns via a streamlined application but don't ever count on any guarantee of funding from any lender until they formally approve the application.

Defining SBA (Small Business Association) Loan

The Small Business Association (SBA) works in connection with designated lenders known as SBA lenders to make it easier for a business to qualify for a loan or credit line. SBA guarantees about 40-50% of the loaned amount in case the business or the borrower defaults. However, be careful as not every business will qualify for an SBA loan as there are restrictions which the borrower must meet. For complete details, consult the professionals at Global Financial Services for the straight facts on how the SBA works and which loan product is best for you.