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Friday, 23-Aug-2013 09:37 Email | Share | Bookmark
New Rules of Getting a Small Business Loan

Small business policy – Where do the two main parties stand?

Everything you need to know about hiring, team building, and company culture to take your business to the next level. Stay sharp with cutting-edge ideas, insights, and strategies for entrepreneurs. Inc. Wire Dig Deeper: What Loan Officers Really Want You can find private investors directly or, better yet, through a loan officer who would serve as the middleman. Since they arent packaged deals like bank loans, its important to note that the terms of a >]content private loan will vary case to case depending on what your loan officer has available. Before settling on this method of financing, Kassar warns that private loans bear high interest rates and are riddled with additional costs, such as document preparation and referral fees. New Rules of Getting a Small Business Loan: Small Business Administration (SBA) The SBA is the best source for long term capital financing for a small business, says Greennamely, the 7(a) loan program. With the Small Business Jobs Act upping the guaranty against default to 90% and also raising the maximum loan amount to $5 million, the 7(a) loan was revamped to make banks want to lend to small businesses and to entice small business owners to actually apply for the loan. New Rules of Getting a Small Business Loan: Small banks The other popular route for acquiring a small business loan is to go directly through a bankand in this case, size does matter. Dig Deeper: How to Fill Out a Loan Application When shopping around for a bank loan, think small with a capital S, Kassar advises. Youve got to find an entrepreneur-friendly local or regional bank in your community thats going to be more flexible, he adds. <br>For the original version including any supplementary images or video, visit

Overall what is the difference? In reviewing these policies the overall conclusion is that both sides of politics have at last realised the importance of the small business sector to the national economy. This is a welcome trend. With small businesses comprising over 90% of all Australias firms they deserve much better attention than has bee given to them in the past. However, there are few really new announcements to be found here. The governments policy package reflects the continuous changes of small business ministers since 2010. <br>For the original version including any supplementary images or video, visit

The great rate rip-off

Shane Pepper has put his house up as security for his business loan, but is frustrated his bank charges him a much higher interest rate than the home mortgage rate. Pepper, the owner of Plum which makes babywear and sleepwear for children, says he pays about 8.5 per cent for his residentially secured business loan, much higher than home mortgage rates, which can be as low as 5.5 per cent, even though the bank has the same security. I think a loan's a loan whether you want to put it towards building a shack at the back of your house or you want to put it towards your business, says the owner of the third-generation family business. It shouldn't be classified as commercial or whatever. NAB's Daryl Johnson says SME loans are riskier than residential loans. Pepper's experience is not uncommon. <br>For the original version including any supplementary images or video, visit

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