Central Mortgage Blog

Fact: Completed loan applications from banks average 10 working days. Fact: SBA provides free business counseling to all business people.
Fact: SBA has procurement assistance at small business development centers across the country. Fact: SBA does not provide lower interest rates for small business people. Interest rates are negotiable with the bank, but are limited to 2.25% above the prime rate in the Wall Street Journal for loans with maturities of less than 7 years, and limited to 2.75% with maturities of 7 years or more. Fact: SBA provides an incentive to banks to make loans of $50,000 by reducing guarantee fees by half.
Fact: SBA’s 8 (a) and 7 (j) provide specialized management and technical assistance to minorities.
Fact: SBA finance programs provide a wide spectrum of opportunities including guaranteed loans, handicapped assistance, contractor loans, veterans loans, exported revolving LOC, and small business $50,000 and less.
Fact: SBA gives veterans priority when their application arrives in the office or when they need business counseling to start a small business. Fact: SBA has no grant programs to start or expand a small business.
Fact: SBA Surety Bond Guarantee Program assist Contractors with their Bid Bond, Performance Bond, and Payment Bond.