The US Small Business Administration (SBA) offers businesses a tool for finding sources of capital called Lender Match. With it, you simply describe what you need and SBA will match you with potential sources. It will then be up to you to talk to the lenders to compare rates and terms, and apply for a loan.
More than 800 lenders participate in Lender Match throughout all 50 states and U.S. territories. While all lenders who use Lender Match offer SBA-approved loans, many also offer conventional loans.
“Using Lender Match doesn’t guarantee that you’ll get matched or be offered a loan,” the SBA states on its website. “Lender Match isn’t a loan application — it’s a tool to help businesses find lenders in their communities.”
In addition to matching businesses and lenders, the site offers some tips on what you’ll need to successfully get a business loan, namely a business plan, financial projections, collateral, and industry experience, in addition to a description of what the loan is for and your credit history.
Also, a big part of SBA’s mission is working with banks to guarantee loans a lower interest rates. There are a lot of conditions to such deals, but you might want to check out what they offer while you’re at it.
