Tuesday, March 20, 2018
The U.S. Small Business Administration - Guaranteeing Needed Loans
Evan Drake Hudgins is a University of Oklahoma (OU) undergraduate who is pursuing a BBA in finance and maintains status as an OU Distinguished Scholar. Already possessing extensive experience in the financial sector, Evan Drake Hudgins has completed an internship with the Spirit of Texas Bank and undertook work that spanned areas such as real estate, commercial, and U.S. Small Business Administration (SBA) loans.
This federal agency works actively with small and mid-sized businesses in providing forms of assistance such as counseling and contracts, while guaranteeing loans designed to help companies start up and thrive. Rather than making loans, the SBA engages with partners such as banks and economic development organizations in providing dependable loan guidelines. With this government-backed assurance in place, financial institutions are more willing to approve loans that they would otherwise likely have to turn down.
Following the Great Recession and a lack of ready credit for many businesses, the SBA, created by Congress in the early 1950s, has taken on a more prominent role in enhancing the availability of capital. Qualifying for an SBA-backed loan requires an extensive application process and meeting specific criteria, and it makes sense to consult with an experienced financial professional when considering this pathway to funding.
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