Your Questions About Sba

Mary asks…

Has anyone else been denied the home buyers tax credit because of a unsecured sba loan that filed a 1098 form?

It is unsecured because i did not own a home. so how do i get them to see that i did not own a home. They 1098 is the problem. why would the sba issue a 1098 if it was not secured by a home?

admin answers:

It’s just the way SBA reports the interest. In your case it is not correct.

Contact IRS and ask them how to straighten this out. You may need to get something from the SBA to show you did not own a home.

John asks…

Does anyone know of any SBA financing that has a fixed interest rate?

I have been looking at expanding my business and I have considered financing sources like SBA. However, everyone I talk to has adjustable rates tied to either prime or LIBOR. They also adjust every quarter with no maximum increase. With rates about as low as they can go, they have no where to go than up.

admin answers:

We (lender, not the government) only approve fixed rates on SBA loans when the proceeds are to be used for specific equipment. A loan to assist you with expansion would require a variable rate.

Ken asks…

I’m a disabled veteran are there any programs to assist me in raising start up capital for a SBA loan ?

I’m trying to start a DAYCARE center in my area however I need start up capital to secure the SBA loan. Are there any programs that anyone can recommend that would be able to help. I have a comprehensive business plan but no friends or family that have any money to invest and I’ve never worked with a VC or Angel Investor before.

admin answers:


Here is a GREAT Veteran Business Resource…there’s information on
Lending Programs for veterans, Governmetn Grants you are eligible as a veteran who is looking to open a business plus a bunch of other great information. Be careful of some VC and Angel Investors because they will try and take the lot, I cal em Dark Angel Investors sometimes…do your research.


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