Where to Get Help Before Applying for an SBA Loan

Adapted from the U.S. Small Business Administration Web site.

The Small Business Administration has offices in almost every major city in the United States. The SBA Office of Business Initiatives operates a toll-free Answer Desk at (800) 8-ASK-SBA, which can provide direct referrals to appropriate sources of information.

The SBA also sponsors a variety of counseling, training, and information services:

• Service Corps of Retired Executives (SCORE)
• Business Information Centers (BICs)
• Small Business Development Centers (SBDC)

There are also more than 2,700 chambers of commerce located throughout the country to provide additional assistance. Be sure to read Finding an SBA Office and SBA Lenders Near You to begin the process.

Before you apply for a loan, you'll need to have the following information:

• A complete business plan
• Specific information on employee, vendor, and market possibilities
• Potential locations of operations
• A budget of needed funds

It is highly recommended that you have someone objective look over your plans. In addition to the resources listed above, you might also want to contact the business department of a local college for a second opinion. After you've taken these steps and prepared the necessary information, you're ready to apply.

For help writing a business plan, be sure to read Write a Winning Business Plan.