Center helps small business owners start and grow.One of the biggest obstacles small business owners face in today's economy is access to capital. The old saying holds true, "it takes money to make money." At the Glendale Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. Capital Access Center they strive to assist clients to secure the financing they need to start and grow their business. They understand that small business owners have limited resources and are her to bridge the gap between borrowers and lenders. Since the office was established in September September: see month. 2001, they have packaged over 400 SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans totaling over $50 million. The Glendale Small Business Development Center/Capital Access Center is a partnership between the Valley Economic Development Center and the U.S. Small Business Administration (SBA). It was established to provide technical assistance to small business owners looking to secure government guaranteed financing for their business. Most of the loan programs offered at the CAC See Consumer Advisory Council. are SBA guaranteed loans. These loans help enhance the cash flow of small growing businesses by offering flexible, extended-term loans. Loans range from $1,000 to $2,000,000 and they are available for all business needs including working capital, inventory, machinery & equipment, eligible business debt refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. , owner-occupied real estate acquisition and construction, and business acquisition. The main loan programs we work with are the 7(a), Pre-qualification, Micro-loan and Community Express. Each of these programs is tailored to fit the specific needs of a business. One of our loan consultants will help find the best program for the business. The 7(a) loan program is for loan requests between $25,000 and $2,000,000. Any business that meets the SBA's size standards and is not involved in any type of investment, speculation, multi-level marketing Multi-level marketing (MLM, now sometimes called network marketing) is a business model that combines direct marketing with franchising. Multi-level marketing businesses function by recruiting salespeople (also called Distributors, Independent Business , gambling or any illegal activities, may apply for this loan. The Pre-qualification loan program enables women, minority, and veteran owned and managed businesses, who initially, may not meet the comfort zone level of a bank, to be pre-qualified by the SBA for an SBA 7(a) loan guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. before approaching a lender. This program is generally for loan requests between $35,000 and $250,000. To be eligible to apply, the business must be owned and operated at least 51% by a woman, minority or veteran; the owners cannot have criminal history or bankruptcies within the last ten years. The Micro-loan program is for loan requests between $1,000 and $35,000 for established businesses and $1,000 to $25,000 for start-ups. This is a great program for borrowers that have had impacted credit and cannot find credit elsewhere. The Community Express loan program offers the fastest turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. . This program is generally for loan requests between $5,000 and $16,000. This program does not require collateral or impeccable im·pec·ca·ble adj. 1. Having no flaws; perfect. See Synonyms at perfect. 2. Incapable of sin or wrongdoing. [Latin impecc credit, the turnaround time can be as short as two weeks. If you are looking to start or grow an existing business let a professional loan consultant assist r you. The Center has a proven track record in assisting small business owners secure the financing they seek through the many SBA loan programs available. The Center also has established relationships with many SBA-approved lenders and will be more than glad to help you find a competitive lender to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. your business credit needs. This article was provided by the Valley Economic Development Center. |
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