Objective: Examine and describe the process of funding options for small business and the SBA programs available.
Introduction: A working knowledge of funding sources is a foundational element of effective planning for a new or existing business. The SBA is a valuable source in providing a number of financial assistance options and programs designed to meet key financial needs. This project will allow you to explore the lending programs and the fundamental process in initiating and preparing an effective application required to streamline a small business loan.
Deliverables: The essay for this lesson is required to be a minimum of 750 words that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement, and conclusion, written in APA format (https://owl.english.purdue.edu/owl/). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list.
Activity Details:
Step 1: Read the following resource about how to fund small business and use what you have learned about funding options and the role of the SBA, funding sources, and application processes in assisting small business owners.
SBA: Financing Options for Small Businesses https://www.sba.gov/sites/default/files/TRANSCRIPT_Financing%20Options%20for%20Small%20Businesses_0.pdf Your friend is thinking about purchasing an existing business but would need a loan to help cover the investment. In reviewing the business’s historical financial data, it appears the business is growing rapidly but requires money for expansion and growth. Your friend has tried to get a traditional loan but cant because he has a low asset base and is considered a high risk. The conventional bank process takes forever. Your friend has never pursued funding through the SBA before. What advice will you give to help your friend?
Step 2: Review the SBA website to examine and explore current funding options and programs available for small businesses and identify the most appropriate program for your friend. Consider all factors relevant to program that may benefit your friend’s situation as well as the limitations.
Step 3: Write a paper.
Please review the link provided below, containing the essay rubric, prior to proceeding: · Essay Rubric · https://owl.english.purdue.edu/owl/ Use these writing guidelines:
· Include a cover page and references in addition to your required word count.
· Use correct APA format
· Double-space text
· Use size 12 Times New Roman
· Use section headings to organize
· Indent paragraphs · Include in-text citations
· Use correct spelling, grammar, sentence structure and verb tense
Step 4: Save and submit your assignment.
When you have completed the assignment, save a copy for yourself in an easily accessible location and submit a copy to your instructor below using the Submit Paper link. https://www.sba.gov/funding-programs/loans
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