[P.O.W.E.R. Plug Podcast] SBA Loans Provide Unconventional Funding To Fasttrack Your Business Goals
Have you figured out what you want to transpire in your business in 2022? Maybe you need some additional funds to make your vision a reality? No one wants a crazy high-interest rate or scary payback terms. Many women business owners are unsure what it takes to get a loan, or they have previously been turned down for a conventional bank loan. A loan from the Small Business Administration (SBA) might be the answer to help you grow your business. Want to know the details? Tune in.
In this episode of the P.O.W.E.R. Plug Podcast Host, Mary Foley speaks with Shane Purvis, VP, and SBA Lending Program Lead at Fidelity Bank. Shane has been in the banking business for over 14 years, as a trainer, Small Business Relationship Manager, SBA Loan Expert, and more. Shane started as a Teller and has been gaining knowledge at every step of the way. Shane explains what you need to understand about SBA loans so you can decide what is best for your business.
The most common reasons business owners need a loan
The difference between a business loan and a line of credit
The difference between an SBA loan and a conventional loan
Eligibility requirements for an SBA loan
Preparing for an SBA loan application
Companies that work with women in business to create a business plan
Available programs available through the SBA
How credit scores can affect an SBA application
Common reasons small business owners do not qualify for an SBA loan
Advantages of working with Fidelity Bank to originate an SBA loan