Stephen Hartman

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Stephen Hartman
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Champaign
Banking
Marine Bank
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Champaign
IL
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How do SBA loans work?

The Small Business Administration helps Americans start, build and grow businesses. Through its 7(a) Loan program, it guarantees financing for a variety of general business purposes. These loans are made by participating lending institutions such as Marine Bank, and guaranteed by the federal government in case of default. The SBA’s 504 Fixed Asset Financing program provides loans for land purchases or construction. SBA loans are used primarily to provide borrowers with longer repayment terms and lower payments. Please give me a call if you would like more information about loans available to small businesses.

Why do banks ask for a business plan?

The process of developing a business plan requires you to focus on precise goals and how you plan to achieve them. You will need to detail the expenses to start your business, as well as your anticipated monthly expenses and income. When complete, a business plan allows you to share your vision with others for the purpose of persuading them to help you achieve that vision, whether through a business loan, buying into a partnership, or some other form of support. But, even more importantly, your business plan can serve to keep you on a path to success.

Stephen Hartman
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Stephen Hartman
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