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Getting a small business loan in Monroe, LA is not terribly different from getting a loan anywhere else, with the slight exception of the fact that it is a little bit easier. If you have already exhausted the standard avenues of big banks and credit unions, there are other avenues that you can pursue.
If you haven’t considered getting an SBA loan yet, now would be an excellent time to start. Despite having recently gone through a turbulent period of difficulty in the Clinton and Reagan years (programs were removed greatly in 1993, and the program was almost dismantled altogether in 2004), the SBA has received a substantial amount of support from TARP money. In 2009, $20 million went to repair the infrastructure of the SBA program while another $20 million was allocated to help the SBA guarantee loans. An additional $10 million was also allocated to help with the SBA’s Microloan program, which guarantees loans that are less than $35,000. While these might sound like small potatoes compared to your needs, bear in mind that you can apply for more than one without any negative repercussions to your credit score, provided that they are applied for within the same two-week period. A number of micoloans can easily add up to the equivalent of a single, adequate small business loan.
In Monroe, LA, you have some other excellent city-specific options as well. You may want to check out Louisiana Business Loans Inc, on 1810 Auburn Avenue, Pearson Finance on 601 North 2 nd Street, or Royal Acceptance Associates on 109 Pine Street. All of these offer excellent financing options. The State of Louisiana has become a very good place to do business lately, after having received a substantial amount of help from the Federal government during the Bush years to help the struggling city of New Orleans.
