By: David Lee Elizondo, Deputy District Director, San Antonio District Office U.S. Small Business Administration
Greetings from the U.S. Small Business Administration. I am David Elizondo, Deputy District Director for the San Antonio District Office. Created in 1953, the SBA continues to help small-business owners and entrepreneurs pursue the American dream. SBA is the only federal agency dedicated to helping our 30 million small businesses start, grow, expand, or recover after a disaster. The SBA San Antonio District Office works with an extensive network of business advisors and lenders to help Texas’s 2.7 million small businesses at every stage
of development.
No matter your industry, location, or experience, if you have a dream, the SBA is here to help you achieve it. Our SBA Resource Partners offer mentoring, counseling, and training to help you start up and thrive at all stages of the business life cycle. The four SBA Resource Partners include, Small Business Development Centers, SCORE, Women’s Business Centers, and the Veterans Business Out-reach Center. To find your local Resource Partner, please visit https://www.sba.gov/local-assistance.
SBA loan guarantees help small-business owners and entrepreneurs who are creditworthy but don’t qualify for conventional financing. If you cannot obtain a business loan with reasonable rates and terms, contact your local SBA Lender to see if you are eligible for SBA programs. The SBA works with participating lenders to reduce their risk, increasing the likelihood your loan will be approved with the terms that work best for you. The guarantee is conditional on the lender following SBA program requirements. Just like with any other loan, you make your loan payments directly to your lender in accordance with your terms. If you cannot get conventional financing and you meet the eligibility requirements, use a 7(a) loan to buy real estate, equipment, or inventory for your small business. It may also be used for working capital, to refinance business debt or purchase a small business. Microloans may be another alternative to small-business owners. Eligible businesses can start up and grow with working capital or funds for supplies, equipment, furniture and fixtures. Borrow from $500 to $50,000 and access free business counseling from microlenders. For those who do not qualify for traditional financing but would like to purchase/renovate real estate or buy heavy equipment for a small business, the 504 Certified Development Company Loan may be an option. It provides competitive fixed-rate mortgage financing through a lender and a certified development company.
If your small business has been impacted by a disaster, The SBA offers disaster assistance in the form of low-interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. SBA also provides eligible small businesses and nonprofit organizations with working capital to help overcome the economic injury of a declared disaster.
During these uncertain times, we’re still here for you. Whether you’re in need of financial assistance or reworking your business plan, SBA has your back…because small business is our business. For more information of SBA’s programs and services, please visit www.sba.gov.