SBA will be one of the largest financial resources to help business owners with the recovery from the recent tornados in Oklahoma.
There’s finally some good news for business owners located in Oklahoma that were negatively affected by the recent tornados. The SBA recently stated there will be a Business Recovery Center for all businesses seeking assistance. There will be SBA representatives there to help business owners understand how a federal SBA disaster loan can help with their recovery. The customer service representatives will help business owners apply online using the Electronic Loan Application. The representatives are there to help business owners map out their future, go over their options with the different type of financial assistance programs, and all of this is free of charge. Don’t worry if you are still waiting for your insurance company adjuster, you can still proceed with the SBA’s financial assistance. SBA loan proceeds can be used for repairing damaged equipment, repair or reconstruct real estate or the property your business resides in, replace inventory and even operating expenses. Some additional good news, SBA offers Economic Injury Disaster Loans (EIDLs) to assist with working capital needs caused by the disaster. Even if there was no property damage, EIDL assistance will still be available to those businesses.
What if your business can’t qualify for a SBA loan?
There are still other options out there for business owners who have been turned down by the Small Business Administration. Depending on the strength of the business, some might consider reaching out to their business banker. Unsecured business loans are still available, and are a great option for those who need some working capital to assist their business through these tough times. Of course you’ll need to supply a significant amount of paperwork and the owners of the business will need to have above average credit.
What if your business can’t qualify for an unsecured business loan?
If your business won’t qualify for an unsecured business loan from your bank, you might want to consider a working capital loan from First Capital Business Finance. Our requirements are very simple, credit score is not a huge issue. We look at the cash flow of the business. That means profitable tax returns won’t be an issue either. Banks will want to see good credit and strong tax returns, and after all the paperwork the bank requires they’ll take a lot longer to get you the funds. Our current turn-around time is 48 hours for your approval, and funding of your loan is 5 days from the day you sign your loan documents. That means from the time you submit your application to the day the funds are in your account is 7 business days. The paperwork we require is a fraction of what the SBA or bank will require. Our approval process is as simple as it gets. Seek the free advice from the representatives at the Business Recovery Center. If you need a back up source of financing, give us a call and speak to one of our loan specialists.
If you’re interested in hearing more about our business financing programs, please feel free to call First Capital Business Finance 888-565-6692 and one of our loan experts will be happy to answer any of your questions.