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    4 Replies Latest reply on Jan 27, 2009 4:55 PM by RainZare

    Do SBA loans really work?

    RainZare Newbie
      Hello All,

      My name is Lissa and I am new to this forum. I currently own an event planning company, but I haven't done much parties as of yet. I'd like to rent an office and I need a loan desperately. Unfortunately for me, I do not have good credit. I figure if I am asking for help, I might as well be honest about it. I've heard about the SBA, but I am quite confused about the whole thing. Has anyone been through this before? How do SBA loans work exactly? Someone has told me to write and ask for grants, but I do not know where to go. Please help. I live in Florida, if that helps any.
        • Re: Do SBA loans really work?
          LUCKIEST Guide
          Do SBA loans really work? Welcome Lissa

          I am a SCORE Counselor and YES I work with the SBA

          If you want to raise money you need a Business Plan.

          Talk to me, LUCKIEST
          • Re: Do SBA loans really work?
            bmt2008 Adventurer

            SBA loans are only guaranteed by the SBA. The lender still underwrites the loan and then the SBA only guarantees a small portion of the loan. SBA guarantees are good for businesses or start-ups that are under collateralized. But, if your credit is bad, no lender or SBA guarantee will help you.


            Why do you need an office? Can't you work out of your house? Start small then slowly build your business. Thus, you keep your costs down while you learn about your market and learn how to find customers. You could even just do this part-time until it takes off. All depend how work you want to put into it.
            • Re: Do SBA loans really work?
              AdvanceFunds Wayfarer
              No, The short answer is they DON'T. SBA loans are still loans that are through regular banks but are garaunteed for a certain amount by the SBA. The SBA does not lend money directly. The odds of success are less than 1 out of 12 applicants.
              Should you wish to know a place that will be honest about what you can really "borrow" please see