How do I go about getting a government business loan?

Answer by  patti (29325)

The federal government does not make "business loans." The SBA backs local lenders who do make these loans. Business loans are made to people with education, experience, a proven record in business, solid credit and a detailed business plan. Most loans are made to expand or promote an existing business, not start new ones.

Answer by  Liz59 (10966)

You have to go to a finance institution or finance center specializing in grants and let them know that you are interested. You also have to provide support of your entrepreneurship ideas to get approved.

Answer by  kennethjgoodson (4903)

The best thing to do is to go online and find out where you can file an application online for the government business loan.

Answer by  CoachKat (88)

Many government business loans are based on grants and are typically only offered to non-profit businesses. You may occasionally find government business loans for minorities based on certain strict criteria of the applicant. Use govloans.gov and sba.gov as additional resources. You will certainly need a business plan and grant proposal.

Answer by  hecarlso (196)

You will need to have a business plan, with a list of expenses and where you will spend the money and how you will repay the loan.

Answer by  champaign9497 (11977)

The best way to do it is to go to the gov site and find the forms to fill out then when that is done and they are sent in you just wait until they answer you it takes a while.

Answer by  cdloanmod (10)

First of all you will have to submit your project or business plan to local govt. business loan office. They then analyze your business and accordingly grant or reject your business loan application.

Answer by  Amom (701)

The best way to get a government business loan is to call your local Small business Administration office. They offer free help in getting loans for small businesses.

Answer by  Leonard (33)

It really depends on what kind of loan your business needs. The Small Business Administration was setup to provide financial assistance to new and small businesses. Internet searches allow you to search for loans based on your need. In order to qualify, you may need to submit an application.