Have you ever applied for an SBA business loan and, if yes, what was your experience?
Yes. Utilizing our local SBDC (Small Business Development Center) professionals, and working on providing operating capital I was able to secure a significant loan at a reasonable rate of interest and a fixed payback. The biggest issue was over the first 12 months having to have recap and review from the SBDC counselor to be sure we were still on track. In my opinion, this is also where the Obama administration made a pitch to make these loans political. That is in the forms, there was a question that if this loan is made, "How many jobs were saved or expanded" which has been used by the administration to "prove" their point. Whichever way you feel about that is your own opinion, but it was a part of the loan. There is a company known as Borrego Springs Bank, which is owned by the native Americans who have tons of money from gambling proceeds that make these loans easily and get U.S. government to secure them. Good luck with the loan. It is a good way to go if you can.
Inventurist thanks for the response. Sounds like you did it the right way. I have done biz with Borrego in the past and I found them pretty good at the SBA process.
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