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You have big plans for your first year of business, and you estimate you will need to borrow and spend approximately $1.5 million before your baseball shop becomes self-supporting. You have a friend who started her business with the help of loans guaranteed by the U.S. Small Business Administration (SBA), which of the following statements are true?
a. Not all SBA programs provide for $1.5 million in loans.
b. If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible.
c. If you cannot get a bank loan, the SBA guarantees that you will get a loan through one of its programs.
d. The maximum amount available to your business will depend on the specific SBA program for which your business qualifies.

Sagot :

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Answer:

a. Not all SBA programs provide for $1.5 million in loans.

  • This statement is correct since not every business is the same, some types of business will require larger amounts than others.  

b. If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible.

  • This is true, and the business loans have different amounts and requisites that fit into different categories.  

d. The maximum amount available to your business will depend on the specific SBA program for which your business qualifies.

  • This statement is correct since not every business is the same, some types of business will require larger amounts than others.

Explanation:

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