National Small Business Week is a time to recognize and celebrate the contributions America’s entrepreneurs and small businesses owners make to their communities and economies. While we do that, it’s also a great time to educate and inspire those who may be just getting started or wish to learn all the ins and outs of managing finances when running a small business.
For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners. This year’s theme, “Building a Better America Through Entrepreneurship” celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback.
Regardless of the time of year, SBA helps small businesses get funding by setting guidelines for loans and reducing lender risk. These SBA-backed loans make it easier for small businesses to get the funding they need.
Amerant Bank’s SBA loan offerings can provide flexibility and value to both entrepreneurs who are just getting their business started and business owners who want to expand their existing business.
First Vice President and Head of SBA Lending at Amerant Bank Yvonne Boucugnani offers advice for getting started with an SBA loan: “First, if you want to maximize your business’ potential, being organized is key. If you’re just starting a business and applying for an SBA loan, you need to be able to provide all documentation – tax returns, corporate documents, etc.,” This should be the first step in your application process.
“Be prepared,” added Boucugnani. “To ensure a smooth process, compile all of your financial statements, as well as your business plan, before meeting with a loan officer.”
There are many variables and options that come with an SBA loan, and while not every single loan will be right for every business, Yvonne points out that most businesses look for two important factors when applying for loans:
1) Loan term, which is the duration of the loan until it’s paid off.
2) Interest rate, the percentage of the loan amount that you pay the lender as the cost for borrowing money.
It’s also important to note that an SBA loan should always be tailored to fit your business needs, and Yvonne emphasizes that “there’s no better bank than Amerant to work with for this reason.”
“One of Amerant’s most attractive benefits is the fact it’s a community bank,” she adds. “Larger banks traditionally struggle with truly connecting with clients. At Amerant Bank, we’re proud to offer customers a personalized, one-on-one approach, which allows us to best understand their needs and build a professional relationship with them, which in turn helps us customize our recommendations and offerings.”
To learn more about Amerant’s SBA loan offerings, visit amerantbank.com/SBA.