Small Business Loan Programs

2015-02-26-financesandbusinessloans-thumbThe Small Business Administration is a government agency that is tasked with assisting small businesses across the United States. As part of this mandate, the agency offers a variety of small business loans that can be used for a variety of purposes:

The MicroLoan Program

This loan program is geared towards small businesses who need to cover short term financial needs and certain small businesses who’s main goal is to provide child care services.

Small businesses use the MicroLoan program for a variety of reasons, including:

  • Inventory
  • Supplies
  • Furniture
  • Real Estate
  • Equipment

These types of loans must be repaid within 6 years.

Disaster Loans

Disaster loans are provided to small businesses who are in need of emergency funds and have been affected by a natural disaster.

Some of the more common uses for a disaster loan include:

  • Repair of real estate
  • Equipment replacement
  • Inventory replacement

Equipment and Real Estate Loans

This type of loan is granted to small business owners who need to purchase fixed assets, like real estate or equipment.

Equipment and real estate loans come with a variety of qualifying and repayment requirements, depending on the needs and credit profile of the business.

General Small Business Loans

Also known as the 7(a) Loan Program, general small business loans are very common among small businesses.

General loans can be used for a variety of reasons, including funding the initial startup costs of a business, expanding to new locations, hiring employees, acquiring other businesses and more. There is no minimum loan amount requirement and the maximum loanable amount is $5 million. Qualifying for the loan will depend on a variety of credit, business and asset factors.

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Where To Find The Best Small Business Loans For Any Credit

banks-business-loansSmall business loans can be hard to come by, especially for business owners who have recently opened their doors to the public or those who face credit history challenges.

Use the following list of best small business loans for any credit if you’re currently struggling with obtaining financing:

SBA Loan

SBA loans are insured by the federal government and underwritten by private banks. They come with the longest repayment terms and offer low, affordable rates.

Business Lines of Credit

Business lines of credit are given to small business owners from banks. Lines of credit are a great alternative to traditional credit cards. Rates can vary up to 25 percent for less than perfect credit.

Merchant Cash Advance

Merchant cash advance is a service used mainly by those with poor credit histories. A percentage of a company’s credit card receipts are taken as payment for the loan, and rates run from 1.5 percent to 2 percent for cash advances.

Invoice Financing

While not very well known, invoice financing has proved to be a useful funding tool for many small businesses. The lender will loan the business a certain amount of money and use a future invoice as collateral for the loan. When the invoice is paid, the bank calls in payment for the loan. Rates can vary for this type of financing up to 3 percent per week.

Term Loans

Term loans are excellent options for businesses who need cash fast. Banks normally underwrite these loans for repayment terms as short as one to two weeks. Some banks will allow businesses to pay back this type of loan for a term of up to one year.

The type of loan you choose for your business will depend on your particular financial needs. Always carefully compare your options before making a final decision.

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How 4506-Transcripts Can Help You


If you’re an attorney or financial institution, such as a bank, credit union, or mortgage lender, you may benefit from a recap of how 4506-Transcripts can help you. IRS provides wage-income transcripts, including W-2 earnings over the past 10 years, mortgage-bank interest paid-received, retirement income distributions, and 1099 income in the 4506-Transcript.

Verifying the client’s earnings and income are an essential part of the verification, underwriting, quality control, or risk management process at most financial institutions and professional services firms.

The 4506-Transcript assists with financial or legal fraud protection and can help:

• Financial institutions to underwrite a mortgage or close a loan faster.
• Divorce attorneys to verify and establish a client’s income needed to finalize demands for spousal or custody support.
• Bankruptcy attorneys to verify the client’s income and earnings in a Chapter 7 or Chapter 13 petition.
• Confirm information identified in a public records or background search.

Line-by-Line 4506-Transcript

It is also possible to request the client’s line-by-line transcript from IRS for the past four years. The 4506-Transcript provides income reported and spouse and/or dependents’ information from the client’s personal tax return or corporate tax return. The 4056 line-by-line transcript includes:

• 1040 tax return
• 1065 partnership income
• W-2 wage and tax statement
• 1098 mortgage interest, tuition statements, student loan interest
• 1099 miscellaneous income, cancellation of debt, dividends-interest, government payments
• 1120 (also 1120L, 1120S) corporation income tax
• 5498 Medicare Advantage MSA, Individual Retirement Account, Archer MSA, HSA, Coverdell ESA contributions

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4506-T: Learn More About Us


4506-Transcripts is a leader in the technology and service industry where we specialize in tax verification. We help different organizations to process their 4506-T forms, including legal companies, mortgage bankers and banks. These are Internal Revenue Service documents that allow third parties to retrieve past returns on behalf of taxpayers. Taxpayers must date and sign their forms, and the dates remain valid for 120 days.

We are authorized to process thousands of requests every month as one of IRS’ bulk vendors. Our innovative system enables our clients to receive their 1099s, W-2s and tax returns within a matter of days. The guidelines that the IRS gives to its bulk vendors allow it up to 48 hours to process requests although transcripts are typically received within 24 hours.

While clients can make requests on their own, we help our clients save a lot of time. We process requests quickly as a bulk IRS vendor while individuals can take from 10 to 60 days to receive their transcripts.

Sandra James founded 4506-T in 2010, and we are located in Walnut Creek from where we serve clients in all parts of the U.S. James is the founder of Private Eyes, Inc. that was established a year earlier. The company specializes in pre-employment screening.

Private Eyes, Inc. was already offering 4506 transcript service, but Sandra realized that there was a need to have a company that used technology that conformed to new federal requirements. The need gave birth to 4506-T, which is dedicated to fulfilling the requirements in the mortgage industry.

We primarily deal with 4506-T IRS transcripts that help organizations verify information before they fund loans and Social Security Administration SSA-89 forms for verifying social security numbers. We make the order processing fast and easy for our clients. We help the clients order 1099, W-2, 1065, 1120 and 1040 transcripts.

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Your Top 10 4506-T Answers


Taxpayers often ask these questions about IRS Form 4506-T:
1. Why would a person use it? A. This form enables citizens to request copies of previous returns, 1099 documents and W-2 forms from the Internal Revenue Service.

2. Does the government let people ask for any document using Form 4506-T? A. The IRS limits these requests to five different items. They include forms W-2, 1040, 1065, 1099 and 1120.

3. How long does it take the IRS to send the requested information? A. Individuals wait between 10 days and two months. If they request transcripts in bulk, companies may receive the data after one to two days.

4. Is it possible to submit Form 4506-T using a fax machine? A. The Internal Revenue Service allows taxpayers to use its Kansas City fax number.

5. Does the signature on this document expire? A. After a person signs and dates this form, it remains valid until 120 days have elapsed.

6. Can a taxpayer ask for copies of forms from multiple years? A. At most, the IRS permits citizens to request transcripts of tax documents from the previous four years.

7. What information is needed to complete Form 4506-T? A. Taxpayers must provide basic contact details, Social Security numbers and any recent former addresses. Optionally, a person can supply the address of an organization or company that should receive the transcripts.

8. How do forms 4506-T and 4506 differ? A. Although people can utilize both of them for the same basic purposes, 4506 is used to request photocopies. On the other hand, taxpayers receive transcripts when they submit Form 4506-T.

9. When does a late or amended return become available? A. It takes 42 to 56 days for the government to update its database and make transcripts or photocopies available.

10. Why would the IRS reject or fail to process this form? A. Unreadable handwriting or inaccurate information can cause this to happen. Be sure to enter prior addresses correctly.

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