Macomb County is home to a strong, aggressive small business banking community and the Macomb County SBTDC is proud of the strong relationships it has developed with those financial institutions and their key lenders. Whether you are looking for $25,000 or several million dollars, you can be sure to find a welcome response and a helping hand from the financial community.

When conventional financing is difficult to obtain, small businesses can look to the U.S. Small Business Administration and their various guaranteed loan programs. Administered through participating commercial banks, the SBA programs can increase your options for securing capital. Some of the more-popular SBA loan programs include:

SBA 7(a) Loan Guaranty Program

The SBA’s most basic and widely used loan program, the 7(a) allows small businesses to obtain capital to expand and renovate facilities, purchase machinery and equipment or finance receivables. The maximum loan amount is $2 million with a 75 percent guarantee awarded to the participating bank.

SBA 504 Loan Program

The SBA 504 Loan Program provides small businesses with long-term fixed rate financing for the acquisition or construction of fixed assets. Projects are financed through a public/private partnership that involves private lenders financing 50 percent of project costs, a certified development corporation (CDC) acting on behalf of the SBA, financing 40 percent of the costs and the small business investing a minimum of 10 percent.

Export Working Capital

This SBA loan program assists small businesses with their working capital needs when exporting their goods outside the U.S., by providing pre-or post-shipment financing.

SBA Express

A true “small business” financing option, the SBA Express loan program guarantees small business loans under $350,000. In exchange for a 50 percent guarantee, the banks can use their own forms and applications, thus expediting the process for not only for them, but also for the small business.

In order to obtain any financing, conventional or otherwise, a comprehensive and carefully prepared business plan is a necessity. Do you have a business plan? If not, one of our SBTDC- Certified Business Consultants, at no cost to you other than your commitment of time to the process, can help you to prepare a winning plan.