WASHINGTON (7/7/08)—To aid small business owners with the basics of finance and borrowing, the U.S. Small Business Administration (SBA) launched two new online resources last month on loan guaranty programs and loan package preparation (U.S. Small Business Administration
June 26). Independent businesses with fewer than 500 workers have created 60% to 80% of new jobs annually over the past decade and represent 99.7% of all employer firms, according to the Small Business Administration (SBA). The significance of small business on the economy is evident in these statistics, and the SBA and similar outlets provide resources to assist them with their endeavors. The two new self-paced tutorials, Finance Primer: Guide to SBA’s Loan Guaranty Programs
and How to Prepare a Loan Package,
appear on the administration’s Web site and are available free to anyone registering at sba.gov/services/training/newcourses/index.html.
The finance primer course identifies the most frequently used sources of capital by small businesses, reviews basic finance philosophy, and illustrates SBA’s loan guaranty programs. The loan package course covers how to prepare a loan package for a lender, how a lender will assess a loan request, and how entrepreneurs can avoid common financial mistakes such as securing the wrong type of financing or underestimating the cost of borrowing money. Both tutorials provide information about supplemental resources for small business owners and help entrepreneurs develop economic independence and become more financially savvy. Course participants completing the 30-minute online training receive completion certificates from the SBA. Go to sba.gov
for additional resources for small businesses. For more information, read, “Small Business: Analyze the Numbers,” in Plan It: Retire Ready Toolkit.