Small Business Boomers

The SBA recognizes how many of us Baby Boomers are going into business for ourselves, or starting second, or third, careers, so it has produced a new web page for Baby Boomer small business owners and those who want to own small businesses. They call it the “50-plus Entrepreneur” site.
Many of the resources on the site are available to all small businesses, but it’s nice to see them packaged for Baby Boomer business owners. For example, the section on planning a business includes information on planning, starting, managing and even getting out of your business. And …read more

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In my last post today, I talked about a new course from the SBA describing the types of loans they have available.  Here is the second new course from the SBA.
The second one, How to Package a Loan Request,  discusses the requirements for putting together a loan.
It also includes a list of “realities” about small business loans that is worth noting:
Reality 1:  There is no such thing as 100% financing.  You will be required to put something into the business, sometimes “sweat equity,” but usually cash.
Reality 2: Your credit history is important.  If you have a great credit history- 650 …read more

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Over the next few days, I’ll be providing information on getting a loan for your small business – you know, the one you want to start after you “retire.”
First,  the Small Business Administration has two new online courses (really just PowerPoints) that provide information about the types of loans available and how to package a loan.
The Guide to the SBA Small Business Loan Programs gives you information on the types of loans available from the SBA, including their basic 7(a) loan, specialized loans (for women, minorities, veterans, etc.), and Micro-loans (small loans under $35,000).
Next, how to package a loan request….

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