Arkansas offers a great quality of life to anyone willing to settle in the state. The cost of living is low, the towns are well connected to the rest of the country, and the booming economy is something that business owners will find very attractive. In addition, of course, the great business environment in the state – the state government provides all possible assistance to startups as well as established companies.
Getting a Business Loan in Arkansas:
Getting a business loan is not as difficult as many business owners think it is. You need to have a good business plan to show the lender, and convince them that lending to you carried minimal risk of default.
Business Loans in Arkansas:
Let us look at some of the possible sources of funds for small businesses in Arkansas.
1) Small Business Administration (SBA)
The SBA runs loan programs all over the country, in collaboration with the state governments. Described below are three-loan programs run by the SBA in Arkansas.
1.1) Loan Guarantee Program
The Loan Guarantee Program steps in to help those small businesses that cannot get loans from any other lending institution.
1.2) CAPLines
The CAPLines provides short-term loans related to seasonal work or contract loans.
1.3) Development Company Loans
This loan program provides small busines ses the means to invest in immovable assets.
1.4) CAIP Loan Program
The CAIP applies to those counties in Arkansas that saw major job cuts after the implementation of NAFTA.
1.5) SBA Express Loan program
The SBA Express works in collaboration with local lenders who are provided incentives to extend micro loans to small businesses.
1.6) Prequalification Loan Program
The prequalification loan program helps small businesses run in rural areas, or run by the disabled, women and armed forces veterans get loans from private lenders.
2) US Department of Agriculture (USDA)
The USDA offers rural business enterprise grants and rural business opportunity grants to entrepreneurs in rural areas. It also offers guarantees to local banks to extend loans to small businesses.
3) Arkansas Department of Economic Development
The Arkansas Department of Economic Development has an extensive loan program in place for small businesses. It offers loans of up to $80,000 to local entrepreneurs. The Arkansas Department of Economic Development also has a Bond Guarantee Program that gives fixed rate, long-term loans to businesses from outside the state to relocate to Arkansas.
Apart from the sources of business loans mentioned above, you can also approach the Arkansas Planning and Development Banks for EDA Revolving Loan fund, the Intermediary Relending Program, as well as private lenders in Arkansas.
You can go through the websites of the organizations mentioned above to get more information on business loans in Arkansas. If you are still not sure how to find a business loan in Arkansas, hire a small business consultant who will keep you updated on all possible loan sources in Arkansas.
Alexander Gordon is a writer for http://www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
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