Karl Wernick from the Utah Small Business Administration (SBA) attended a recent Business Expansion and Retention (BEAR) meeting to discuss with community members various programs and loans that are available to small business owners.
According to Wernick, the SBA has funds available to individuals and businesses that have a guaranteed percentage that will be paid if a loan defaults. Funds received from loans can be used for working capital, buying inventory, lines of credit, expansion, renovations and more.
An example of a company that the SBA has worked with is a business in Logan that needed a $150,000 loan. Wernick explained that seven years later, the company is now receiving $4 million in sales annually.
Recently, the application for a loan from the SBA has been simplified and the process for obtaining a loan is easier. Along with capital, the SBA can provide counseling and contracting services. The entity provides resource partners, online tools and training, and government contracting.
For more information about the SBA and its programs, connect with them on Facebook, Twitter, YouTube and online at www.sba.gov. Questions can also be directed to Wernick by calling (801) 524-3210.