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.
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