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First of all, you do not get a loan from the SBA, rather they guarantee the loan from a bank that works with them to provide the loan for you and that actually costs you about 1% more. If you've never been in business before, I would recommend that you talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to www ... and input your zip code to find the chapter nearest you), the advice is FREE. The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a Medical Billing company and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them. The SCORE counselor can work with you and provide the introduction to the proper SBA loan contact who will work with you and together with the counselor will ensure that your business plan is adequate. Try this link : www ... and read some of the articles especially the ones about a business plan and starting a business. Good Luck

by ynot

2 years ago

Asker's Rating: 

Getting a government guaranteed loan from SBA is not easy. And I doubt if they will finance a medical billing home business (even bank loans will not be easy to get with this type of business). I suggest you start by reviewing the criteria SBA uses to give loans at www ... Banks and even the SBA may consider these factors: - Your personal credit history - A business plan explaining what the business is - Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you - Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application - Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you - Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail. Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program www ... and you can find SBA Accredited Microloan Providers here www ... As for grants, it is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business. One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs www ... , which fund the research and development of technological innovation that meets specific government needs. Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups -- minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include Iowa Women's Foundation www ... New Mexico Women's Foundation www ...

by imisidro- 2 years ago