SBA Special Purpose Loans
The SBA offers a variety of special purpose loans that are often overlooked by small business owners. For example, there are loan programs to aid businesses that export products to other countries. The first is the SBA Export Working Capital Program. This program targets businesses that can generate export sales but need additional working capital to support those sales. The program will guarantee 90% of $2 million loans.
Small businesses face unique challenges when they engage in the export and import business. The SBA aims to help small businesses with these challenges. Their SBA Export Express program streamlines the loan process for exporters and lenders.
The SBA provides loans to Employee Stock Ownership Plans (ESOPs) which is part of a plan sponsored by the company and qualified under Internal Revenue Service, Department of Treasury, or Department of Labor regulations. These are called Employee Trust Loans.
If your business wants to plan, design, or install a pollution control facility, you may be able to qualify for a SBA 7a Pollution Control Loan. The program is to purchase fixed assets to control pollution only.
The SBA has an umbrella program to provide working capital to small businesses called the CAPlines program. The program covers working capital needs for builders and contractors and other small business owners.
The Small Business Administration provides something for just about every type of small business and every need you have as a small business owner. The paperwork may seem daunting, but once you get through it, it is worth it. Go through the SBA site and see what you can find.
