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Ten Myths and Facts about SBA

Myth: It takes four to six months to get a SBA Loan processed.
Fact: Completed loan applications from banks average 10 working days.
 
Myth: SBA only provides free business counseling to business people with SBA loans.
Fact: SBA provides free business counseling to all business people.
 
Myth: SBA provides no assistance in helping a business get federal contracts from the government.
Fact: SBA has procurement assistance at Small Business Development Centers across the country.
 
Myth: A business person can get cheaper interest rates for business loans from SBA.
Fact: SBA does not provide lower interest rates for small business people. Interest rates are negotiable with the bank, but are limited to 2.25% above the prime rate in the Wall Street Journal for loans with maturities of less than 7 years, and limited 2.75% with maturities of 7 years or more.
 
Myth: Small loans are not available through SBA.
Fact: SBA provides an incentive to banks to make loans nder $50,000 by reducing their guarantee fee by half.
 
Myth: SBA has no specialized programs to assist minority business persons.
Fact: SBA's 8(a) and 7(j) programs provide specialized management and technical assistance to minorities.
 
Myth: There are few SBA loan programs.
Fact: SBA finance programs provide a wide spectrum of opportunities including Guaranteed Loan, Handicapped Assistance, Contract Loan, Veterans Loan, Exported Revolving LOC, and Small Business ($50,000 and less).
 
Myth: SBA has no programs to assist veterans.
Fact: SBA gives veterans priority when their loan application arrives in the office or when they need business counseling to start a small business.
 
Myth: SBA has grants to start or expand a small business.
Fact: SBA has NO grant program to start or expand a small business.
 
Myth: Contractors receive no assistance from SBA.
Fact: SBA's Surety Bond Guarantee Program assists contractors with their Bid Bond, Performance Bond, and Payment Bond.


PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."
PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."