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Our company was one of the fortunate 11 percent. However, I will share with you perseverance is a must! This was one of the most time consuming, painful, unpleasant experiences which took 11 months to accomplish and then we were awarded only 1/2 of what we applied for at a very high interest rate. This left me, a small business, women owned with a bitterness toward the SBA. Our loan was awarded under a Republican administration. So lets give the new administration time to correct and make some changes. The past experience gave me strength to forge forward and determination to prevail. Remember Rome was not build in a day. Everyone deserve a chance, President Obama has a major mess on his hands and we are all part of the pie. My advise, for what it is worth, take a deep breath and wait four years to before you make jugement.
My wife and I applied for a SBA loan. Don't waste your time. They will drag you through every knot hole they can before telling you, you should not be in business. Figure out something else. It will save you a lot of time, money and possibly your marriage. The gov't calls a small business, a business that employs less than 10,000. They told us we should not be spending money we do not have. Bail outs??? Does not make any since to me.
I attempted to apply for a SBA loan but I had to jump too many hurdles to get it. I find it easier to just cut a few financial corners and save the money I need. I no longer have had to borrow any money and I take as many tax breaks as I possibly and legally can.
Folks, not trying to sound dark, but it is going to get much worse before it gets better, unfortunately. I don't know what Obama and his administration have up their sleeve but I can tel you this, it ain't good for small business.
I wish you all well and hope the best for you. Do your best and treat your people right.
I agree the goverment should back off on small buisness. This is not just taxes but in other forms of regulations as well.
SBA loans are not all the are cracked up to be....The govt already takes so much of our money in taxes as a small business...Let's think about it people!! Why would OBAMA want to make it easier for us to fall into debt to the feds? Haven't we learned from the mortgage fall-out?? Stop spending money you don't have! If OBAMA really wants to help small business...stop taxing us to death so we will be able to have the liquidity to grow our businesses!!!!!!!
As a small business...we bust our backs everyday (literally) just to maintain middle class while the govt is bailing out huge corps with our tax money so they can pay outrageous bonuses? And OBAMA is outraged? I believe he did support the bailouts?!?!?!?! The govt is out of control and running us all into the ground...when is America going to see what's really going on?!?!?!?!