Capital is key to achieve your business goals — whether you’re a startup or a company planning large purchases like equipment, inventory or commercial property. An SBA loan can be a good option. It is issued by lenders and guaranteed by the Small Business Administration. Get started with these tips:
- Know how much you need to borrow and how you will spend it.
Understand and be able to articulate your specific goals to lenders.
- Be prepared.
Have a business plan and projections. Know your credit history and keep financial records in order. Seek advice from resources like the Small Business Development Center, SBA and SCORE.
- Choose the right lender.
An experienced SBA Preferred Lender can simplify and expedite the process. They should build a relationship with your business long term.
For more information on SBA and other types of business loans, visit centralpacificbank.com.
Vice President, Senior Business Banking Officer
Central Pacific Bank