Do certain groups get preferences on government lending programs?
- No. Eligibility to qualify for an SBA-guaranteed loan is based on size standards and must be a for-profit business. However, the SBA Community Express loan program targets businesses owned by minorities, women and veterans.
I’ve heard that foreign nationals get free money to start a business. Is that true?
- No. Foreign nationals do not have access to free money. They use the same traditional and non-traditional financing sources to start their own businesses, as well as community-based financing options.
How do I get bonding?
- There are several different types of bonds. The most common is the surety bond. A surety bond is a three-party instrument between a surety, the contractor and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor\’s responsibilities and ensures that the project is completed. For more information on bonds, click on reference.