Government small business loans from below $50,000 to over $3 million

By on June 30, 2013

21310495211_gi-85122-merchant-cash-advance.jpgGovernment small business loans have come as a big boon to entrepreneurs wanting to kick start small business ventures. And small businesses have been contributing to the growth of the US economy in a large way. The impact is being felt even more now after the worst recession hit us a couple of years ago. There is scope for almost every type of a business venture for which startup loans are required.

Loans for any small business under the sun

And loans are available for small businesses ranging from painting, consulting, pet supplies to running dance studios, appliance repairs, beauty salons and real estate. Even in these tough times, you can avail of government small business loans to kick start the venture of your interest if you are confident of generating profits in the long run. If you have a small business idea ticking in your head, your best bet would be to look for government aid.

The scenario of government loans for aiding small businesses coast to coast is very bright. According to data available from the IRS and the SBA or Small Business Administration, nearly 26 million or more small businesses were in operation during 2002 and they helped create 75 percent of new jobs in the past few years. Small businesses are integral to the growth of the US economy and to facilitate more of them, loans for startups have been made more liberal.

Government small business loans are surging on the back of increased demand from first time as well as small entrepreneurs because they are unable to secure finances from traditional sources. After the economic blowback, traditional lending sources like banks and venture capital fund managers are wary of parking their money. It is getting increasingly difficult for them to get money other than loans provided on easy terms by the government.

SBA is doing great service

Government small business loans are being handled by the Small Business Administration for decades and they have been doing great service to the American economy. It was in the year 2003 that the SBA announced an enhanced package for small businesses by hiking loan availability by $1.4 billion.

Over the past 50 years since SBA has been doing yeomen service to US small businesses, they have pumped in over $30 billion into more than 20 million businesses coast to coast. And they are flexible since you can get ready funds sanctioned within weeks if you are in dire need of money to start up soon or require immediate capital inflow to maintain operations.

The government small business loans are not one-size-fits-all type as they can vary from as little as less than $50,000 and can also be over $3 million depending on the requirement of startups. Your best bet would be to get a survey done about your business plans which you can weigh against comparative analysis for similar companies.

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