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Must have Good Credit to Qualify For this Loan!
There are literally millions of small businesses operating in the United States today. It was said that these small businesses generate more than fifty percent of the United States Gross Domestic Product. The success of small businesses in America are vital to our nation for economic growth reasons.
When the economy was healthy it was mainly because of small business startups being able to borrow money from banks. The saying is that a community is only as good as the money that is put back into it. If there is no money to spend then the community will suffer.
These days trying to get a loan from a bank can be near impossible, that’s I suggest you consider using the services of a company that already has ties with banks and speaks their language quite well if you are looking for a Small Business Loan
Finding a lender is hard today because so many banks have gone under and are paying penalties for what I consider to be un honest lending practices. Take the no doc loan for example. Do you know how many of those where given to people who were not going to be able to make their mortgage from 2005-2009? I got one of those loans so I know what I am talking about. The Lender told me to just put any amount down there for wages.. I only considered it because I work for myself and my wages do in fact change from time to time. He winked at me when he told me, in fact he said, don’t you make like $75K a year? hint hint.
I know I was talking about small business loans but I just wanted to give you one example of what went wrong. Both a mortgage and small business loan comes from banks after all. So when you are preparing for your small business loan consider every angle that pertains to you, not what you can get away with.
Every day a new business is borne and very few start with out some kind of loan for the financing of their new small business. Colorado is not any different then any other state in the US when it comes to getting a small business loan. But I sure wouldn’t mind living there right now. This time of the year it is very nice. The scenery is quite beholding as well with the rocky mountains on the horizon.
Even though the population might be smaller in Colorado then it is in a place like New York, starting a new small business can be just as rewarding. You can find all kinds of information on the Internet about starting a small business in Colorado. I looked into it myself just in case I ever move to Colorado and it looks like there are a ton of thriving businesses there. My sister lives there and she says that she gets the best of both worlds. All the great scenery and any time she needs anything she has no problems finding the business that has it.
Getting a small business loan in Colorado is easier then you might think. Don’t let not knowing where to start stop you. You can find all kinds of information at the library, on the Internet, and just by asking other small business owners.
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Here are the basics that apply to almost all new business start-ups:
Licensing and Registration
Business Financing
Business Certification
Business Resources
Q: Is a small business required to have a license (occupational) to sell products or services solely over the Internet? FAQ Top
A:Currently, no state license is required to sell over the Internet. However, occupational licenses or other regulatory actions are based on what you sell, not how you sell it.
For example, no occupational license is needed to sell clothing or household cleaning supplies over the Internet (although a Sales Tax Permit may be required). However, regardless of whether they are sold over the Internet, an occupational auto dealer’s license is required to sell new and used cars to the public.
Q: Do I need a license to open a business in Oklahoma? FAQ Top
A: There is no general license to own and operate a business in Oklahoma. Many businesses, business owners and/or employees, such as beauty salons and restaurants, require specific licenses and permits to operate in the state. Using the beauty salon example, the business does not require a license, but the beauty operators do need a license. You may also need to register your business with the Secretary of State or Oklahoma Tax Commission
To find out what licenses, permits, and registrations pertain to your business, select your specific business type from the menu in our Business Licensing System<!–Business Licensing System–>. This online tool provides one-stop information for license and permit requirements for the state of Oklahoma. After selecting your business type from the list, complete the short form that obtains more specific information about your particular business. After submitting the form, you will see a list of the required permits and licenses for your type of business and links, where available, to forms or additional resources.
Q: I’m starting a construction company. Do I need a license? FAQ Top
A: This business activity is considered in the general category of a General Contractor, for which there is no specific state license. Out-of-state contractors must contact the Oklahoma Tax Commission at 405-521-3279 to register and pay a bond (if working on commercial properties). They must also contact the county clerk where the work is located and register the starting and ending dates for the project.
Q: Where do I get a sales tax permit? FAQ Top
A: A sales tax permit is needed if you are selling tangible personal property for monetary or other consideration on an ongoing basis. You can obtain a sales tax permit from the Oklahoma Tax Commission, 405-521-3160.
Q: Where do I get a reseller permit? FAQ Top
A: A sales tax permit is the license under which a retail business owner may purchase goods for resale and charge sales tax from the sale. This may be obtained from the Oklahoma Tax Commission (OTC) by completing an Application for Sales Tax Permit. The application is available for download online in the OTC’s Oklahoma Business Registration Packet A. If you mail your registration, you can expect about a 60-day turnaround to receive your permit. However, the OTC has four one-stop shop locations strategically located throughout the state where you can often get same-day or same-week turnaround. You may visit one of the OTC Assistance Centers at the following locations:
2501 N. Lincoln
Connors Building, Captiol Complex
Oklahoma City, OK
405-521-3160
440 S. Houston, 5th Floor
Tulsa, OK 74127
918-581-2399
1602 NW Lawton Ave., Ste. 5
Lawton, OK 73507
580-248-8440
301 W. Main, Ste. 316
Ardmore, OK 73401
580-226-4636
Q: Do I need to register my business trade name with anyone? FAQ Top
A: It is not required to register a trade name. However, you may want to check the Oklahoma Secretary of State website Business Services section to determine name availability. Once you determine the name you want is available, you can register the name with the State using the Trade Name Report to protect the name of your business.
Q: Where do I file a DBA (Doing Business As)? FAQ Top
A: A DBA is called a Trade Name Report and is filed with the Oklahoma Secretary of State, 405-521-3911.
Q: Do I need an Employer Identification Number (EIN), also known as a Federal Tax Identification Number? FAQ Top
A: In short, the answer is yes. That number is a unique number used to identify your business. You’ll need it when registering your business with state or federal agencies. You must have an EIN if you sell goods and/or have employees. Occasionally, some sole proprietors choose to use their social security number (SSN) in lieu of an EIN; however, in today’s world where identify theft is a very real threat, it’s a safer bet to protect your SSN and use an EIN, even if you’re a sole proprietor.
Follow these simple steps to receive your FEIN fast:
1. Apply online by visiting the IRS site at www.irs.gov, or
2. Call and apply by phone. Call the IRS at 800-829-4933.
3. The IRS will only issue an EIN over the phone or online to those duly qualified as listed above.
4. Write the number you are issued and keep it in a safe place.
5. If you would prefer to file for your FEIN by mail, visit the IRS website at www.irs.gov and download the
Form SS-4. Complete, sign and date the form and mail to the address shown on the form.
Q: How can I finance my new business? FAQ Top
A: Assistance from personal resources, such as family and friends, followed by traditional financing through a local lending institution where you have an established relationship are the most common methods for funding your start-up business. Some businesses may qualify for assistance in the form of loan guarantees from the Small Business Administration (SBA). In fact, most financial institutions will require an SBA guarantee. Many banks have departments that specialize in SBA lending. An SBA Prequalification Intermediary can help you to prepare your application for a loan. To find the intermediary closest to you, contact the SBA district office in Oklahoma City at 405-231-5521. Visit our Business Financing section for additional financial resources.
It is possible non-profit organizations could find some financing assistance through federal or foundation grants. Any reputable lender and many grant administrators will expect to see a thorough business plan.
Q: I’ve heard there is grant money available to help fund my for-profit start-up business. Where can I find those grants? FAQ Top
A: Typically, grant money is only available to assist non-profit organizations. If your business is non-profit, you will want to start with the www.grants.gov and Foundation Center websites. However, the availability of grant funds for for-profit businesses is extremely limited and typically highly specialized. We have found no consistent, reliable source for small businesses either public or private. We don’t want to discourage you from searching for such funding, but the Oklahoma Department of Commerce is not aware of for-profit grant funding.
Q: Who can provide assistance for writing a business plan? FAQ Top
A: You can get one-to-one assistance through one of the many Oklahoma Small Business Development Centers located throughout Oklahoma. To find the closest center to you, call 800-522-6154 or visit the OSBDC website. You may also find business plan help through one of Oklahoma’s Career Technology Centers. Visit the CareerTech website to learn more about the help available or call 800-522-6154. If you prefer to go online to get help, visit the Small Business Administration Business Plan Basics website. To download a Business Plan guide, which walks you through every step of developing a business plan, click below to select the English version or the Spanish version.
Business Plan Guide
El Plan de Negocios
Q: How do I get certified as a minority-owned business? FAQ Top
A: There are several organizations that certify minority-owned businesses; each is different in its emphasis, depending on your target market. For instance, there are certification programs if you want to compete only in the private sector or for federal contracts. Certification as a minority-owned business can be an asset in competing for contracts and in procurement needs. For more information, visit our Minority-Owned Business page.
Q: How do I get certified as a woman-owned business? FAQ Top
A: Like minority business owners, women-owned businesses have several advantages when competing for contracting opportunities in Oklahoma. To qualify for Oklahoma Department of Commerce certification as a woman-owned business, a business must be at least 51 percent owned and controlled on a day-to-day basis by one or more women.
To apply for certification, download and complete the application below:
Women-Owned Business Certification Application
Mail the completed document to:
Oklahoma Department of Commerce
Woman-owned Business Certification Program
900 North Stiles Ave.
Oklahoma City, OK 73104-3234
For more information on the certification program and additional resources, visit our Women-Owned Business page.
Q: I need assistance in exporting. Does the Department of Commerce provide help in this area? FAQ Top
A: Yes. The Commerce Global Business Services team provides comprehensive assistance to businesses wishing to develop their global markets. Global Busienss Solutions, working closely with the U.S. Department of Commerce, offers workshops, information and one-to-one consulting to help businesses with exporting needs. This group provides assistance in customs, foreign permits, financing, and market analysis as well as hosts foreign trade missions and sponsors global catalog trade shows. To learn more, visit the Export Assistance section of our website or contact the Global Business Solutions team at 800-879-6552.
Q: I have certain questions about developing and operating a small business. What resources are available? FAQ Top
A: There are dozens of resources available to help you with your start-up business. Here are few:
Contact:
Business Solutions
405-815-5143
800-879-6552




Business Financing
Women-Owned Businesses
Minority-Owned Businesses
Oklahoma Business Spotlight Case Studies
SBRFA – Small Business Regulatory Advocacy
Small Business Health Insurance Assistance
Export Assistance
Workforce Assistance
Business Incentives
Service Provider Database
THE ARKANSAS DISTRICT OFFICE
The Arkansas District Office is responsible for the delivery of SBA’s many programs and services. The District Director is Linda R. Nelson. The District Office is located at 2120 Riverfront Drive, Suite 250, Little Rock, AR. Office hours are from 8:00 AM until 4:30 PM, Monday through Friday.
CONTACTING THE ARKANSAS DISTRICT OFFICE
For program and service information, please contact the Marketing Division at 501-324-7379. For information on
financing, please contact Johnna Bach at 501-324-7379 ext. 297 or e-mail: johnna.bach@sba.gov.
SERVICES AVAILABLE
Financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank enders.
Free counseling, advice and information on starting, better operating or expanding a small business through the SCORE Business Counselors, Small Business Development Centers (SBDC) and Women’s Business Centers (WBC). They also conduct training events throughout the district – some require a nominal registration fee. Assistance to usinesses owned and controlled by socially and economically disadvantaged individuals through the Business Development Program. A Women’s Business Ownership Representative is available to assist women business owners. Please contact Johnna Bach at 501-324-7379 ext. 297 or e-mail: johnna.bach@sba.gov . Special loan programs are available for
businesses involved in international trade. A Veterans Affairs Officer is available to assist veterans. Please contact Penny Fogle at 501-324-7379 ext. 238 or e-mail: penny.fogle@sba.gov.

substantial machinery and equipment.
Working capital is not an eligible use of
proceeds.
• Most borrowers are required to make an
injection (borrower contribution) of just
10 percent which allows the business to
conserve valuable operating capital. A
further injection of 5 percent is needed if
the business is a start-up or new (less then
2 years old) and a further injection of 5
percent is also required if the primary
collateral will be a single purpose building.
• Two-tiered project financing: a lender
finances approximately 50 percent of the
project cost and receives a first lien on the
project assets (but no SBA guaranty); A
CDC (backed by a 100% SBA-guaranteed
debenture) finances up to 40% of the
project costs secured with a junior lien.
The borrower provides the balance of the
project costs.
• Fixed interest rate on SBA loan. SBA
guarantees the debenture 100 percent.
Debentures are sold in pools monthly to
private investors. This low, fixed rate is
then passed on to the borrower and
establishes the basis for the loan rate. A
recent history of debenture rates may be
found at www.nadco.org.
• All project-related costs can be financed,
including acquisition (land and building,
land and construction of building,
renovations, machinery and equipment)
and soft costs, such as title insurance and
appraisals. Some closing costs may be
financed.
• Collateral is typically a subordinate lien on
the assets financed; allows other assets to
be free of liens and available to secure
other needed financing.
• Long-term real estate loans are up to 20-
year term, heavy equipment 10 or 20-year
term and are self-amortizing.
Businesses that receive 504 loans are:
• Small — net worth under $7.5 million, net
profit after taxes under $2.5 million, or
meet other SBA size standards.
• Organized for-profit.
• Most types of business — retail, service,
wholesale or manufacturing.
The SBA’s 504 Certified Development
Companies serve their communities by
financing business expansion needs. Their
professional staff works directly with
borrowers to tailor a financing package that
meets program guidelines and the credit
capacity of the borrower’s business. For
more information, go to
www.sba.gov/services, then choose “SBA
Loans” from the links in the right-hand
column. From there, click on “CDC/504
Program.”
Six Bridges Capital Corporation
Little Rock Office
200 S. Commerce
Little Rock, AR 72201
501-374-9247
Jonesboro Office
457 Southwest Dr.
Jonesboro, AR 72403
870-932-8002
Fayetteville Office
535 W. Research Center Blvd., Ste. 133
Fayetteville, AR 72701
479-444-8881
West Arkansas Planning and
Development District, Inc.
835 Central, Ste. 201
Hot Springs, AR 71903
501-525-7577
Ark-Tex Regional Development
P.O. Box 5307
Texarkana, TX 75505
903-832-8636
MICROLOAN PROGRAM
The Microloan Program provides small
loans ranging from under $500 to $35,000.
Under this program, the SBA makes funds
available to nonprofit intermediaries that, in
turn, make the loans directly to
entrepreneurs, including veterans. Proceeds
can be used for typical business purposes
such as working capital, machinery and
equipment, inventory and leasehold
improvements. Interest rates are negotiated
between the borrower and the intermediary.
For more information, go to
www.sba.gov/services, then choose “SBA
Loans” from the links in the right-hand
column. From there, click on “Micro Loans.”
Forge, Inc.
P.O. Box 1138
Huntsville, AR 72740
479-738-1585
Service Area: Northwest Arkansas
SMALL BUSINESS
INVESTMENT
COMPANY PROGRAM
There are a variety of alternatives to bank
financing for small businesses, especially
business start-ups. The Small Business
Investment Company Program fills the gap
between the availability of venture capital and
the needs of small businesses that are either
starting or growing. Licensed and regulated
by the SBA, SBICs are privately owned and
managed investment funds that make capital
available to qualifying small businesses
through investments or loans.They use their
own funds plus funds obtained at favorable
rates with SBA guarantees. SBICs are forprofit
firms whose incentive is to share in the
success of a small business. In addition to
equity capital and long-term loans, SBICs
provide managerial assistance. The SBIC
Program provides funding for a broad range
of industries and stage of investment, in areas
across the country. Some SBICs invest in a
particular field or industry while others
invest more generally. Most SBICs
concentrate on a particular stage of
investment such as start-up or expansion and
focus on a specific geographic area. For more
information contact your nearest SBA office
or the Web site at www.sba.gov/services,
then choose “Financial Assistance” from the
menu below. From there, click on “Equity
Capital” and choose “SBA’s Investment
Program.”
Arkansas District Office
2120 Riverfront Dr., Ste. 250
Little Rock, AR 72202
501-324-7379 • 501-324-7395 Fax
SBA provides a number of financial assistance programs for small businesses including
7(a), 504 and disaster assistance loans. Within this section, we’ll review eligibility requirements, SBA’s loan programs, surety bonds and the role of SBA, equity capital topics, special purpose loans, SBA partner topics and 7(a) lender programs. Though the SBA does not provide grants to help you start a business, included is information on organizations and sites that can assist you in locating special purpose grants.