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SBA Loans for Home-Based Businesses
Obtaining financing for a new venture is never easy, and finding funding for a home-based sole proprietorship business is even harder. But the Small Business Administration (SBA) has made it much easier for home-based businesses to find the financing they need. If your bank has turned down your business loan application, don't despair. You may be able to find funding for your business through the SBA's numerous funding options.
The SBA offers three distinct types of financing for small businesses. Study them carefully to make sure that you are applying for the loan that is best suited to your business.
The Microloan 7(m) Loan Program is the most popular loan for home-based businesses. You can apply for up to $35,000 for your business needs. You can use this money in a variety of different ways, such as purchasing needed inventory to run your business, buying necessary supplies or furniture, getting the computer equipment that you need, or for working capital. However, you will not be able to use this loan to pay off any existing debts or to purchase land or real estate for your home-based business.
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