How to check your credit North Platte

The standard SBA loan for franchisees how to check your credit North Platte is known as the 7(a), which is issued by a bank or other qualified lender, and partly guaranteed against default by the government.

Because of that backing, such loans are seen as relatively low-risk. SBA loans include those for short-term working capital and equipment, which often have a five- to six-year maturity; and real-estate loans, which can run for 20 years or more. Despite the current tight-money situation, "we expect to have adequate funding to meet demand for fiscal '09," says James Hammersley, director of the agency's loan-programs division. About 10% of all SBA loans go to franchisees, with the size running between $250,000 and $500,000, although the maximum is $2 million. all free credit report Most of that money is earmarked for franchise entry fees, improvements or working capital. Even so, the program is feeling a bit of the crunch. Hammersley says about 300 of some 4,000 bank participants around the country have reduced their SBA lending activity. He also suspects that many bankers still in it are asking for more collateral. Borrowers must be creditworthy, typically contribute some equity, and are expected to repay the SBA loan out of the franchise's cash flow. free triple credit report "You need to have your own blood, sweat and tears in the business," Mr. While the actual rate is negotiated between the bank and the borrower, it's subject to SBA maximums, which are tied to the prime rate.

While a low rate may be attractive initially, if borrowers can't generate enough business to cover their payments, "they could be in a bit of a how to check your credit North Platte bind," says Mr. "I how to check your credit North Platte get a lot of calls from individuals with SBA loans who want to refinance them," he says. "They might have gotten in at 8%, and now the rate has gone up to how to check your credit North Platte the high 9s or 10s." For at least one big SBA lending participant, Wells Fargo Bank, a unit of Wells Fargo how to check your credit North Platte & Co., it's still business as usual. annual credit report Burke, senior vice president of the bank's SBA lending unit. Nor, he adds, has the bank changed its credit criteria.