Of all people who leave their job, about 39 percent claim not able to perform in accordance with their expectation, or due to constant nagging of their manager as the main reason. Another major reason why most people leave their job is to start their small business and become their own boss, which is quite difficult. To start your business, you need the proper license(s), an actual business approach and plan, as well as most essentially, you have to insure it, so as to start it on proper footing, which actually requires the necessary financial resources (small business loan).
Certified Business Loans defines a small business as any business venture that has at most 7 dollars million in its annual receipts and at most 500 employees. In United State, you can get various forms of small business loans that can satisfy your business plan.
Different forms of SBA loan program
7(a) Loan Programs
This type of program covers all business that has special requirements like those in rural areas or those in export. It is considered the most flexible choice, as well as most suitable one in case you have a start-up in mind. The various 7 (a) loan programs includes:
1. Rural Business Loans. The program focus on giving a more streamlined and simpler 7 (a) process to get loans for small business in rural areas.
2. Export Loan Programs. About 69 percent of all export business in the United State has less than 20 employee count. Their export activities have been furthered increased by various export programs.
3. Special Purpose Loans. Its aim is to provide 7 (a) loans to various small businesses that have been affected by NAFTA, so as to aid Employee Stock Ownership plans.
4. Microloan Program. This type of program offer small, short-term loans. Microloan funds can be used to purchase furniture, machinery and inventory. Microloan funds cannot be used to pay off debts or to purchase real estates. You cannot get more than 50,000 dollars of microloan.
5. CDC/504 Loan Program. This type of program offers the community as a whole a platform for development. The program offer small business with the required fixed-rate financing. These finances are used to acquire assets that aim at modernization, such as street-improvement utilities and commercial mortgages. Your small business should not deal in real estate investment, but should be carried out with a profit-seeking intention.