Identifying Funding Sources

Essay
Objective: Examine and describe the process of funding options for small business and the SBA programs available.
Introduction: A working knowledge of funding sources is a foundational element of an effective planning for a new or existing business. The SBA is a valuable source in providing a number of financial assistance options and programs designed to meet key financial needs. This project will allow you to explore the lending programs and the fundamental process in initiating and preparing an effective application required to streamline a small business loan.
Deliverables: Minimum 3-page paper
Activity Details:
Step 1: Listen to the following video on credit options: Identify the Best Forms of Credit for Your Business and use what you have learned about funding options and the role of the SBA, funding sources and application processes in assisting small business owners. Summarize your responses in a 3-page paper (APA formatting required):
SBA Video: Identify the Best Forms of Credit for Your Business 
https://www.suntrust.com/resourcecenter/article/case-study-using-sba-7a-program-for-management-buyouts-20130418#.VYMGVvlVhBd
Your friend is thinking about purchasing an existing business but would need a loan to help cover the investment. In reviewing the business historical financial data, it appears it is growing rapidly but requires money for expansion and growth. Your friend has tried to get a traditional loan but can’t because he has a low asset base and is considered a high risk. The conventional bank process takes forever. Your friend has never gone through the SBA before. What advice will you give to help your friend?

Step 2: Review the SBA website to examine and explore current funding options and programs available for small businesses and identify the most appropriate program for your friend. Consider all factors relevant to program that may benefit your friend's situation as well as the limitations.

Step 3: Write a paper. Please review the link provided below, containing the essay rubric, prior to proceeding:
Essay Rubric