DRDA/CPA Keeps Up On All SBA Loan & Financing News

In these times of economic uncertainty, it can be difficult to stay on top of changing lending policies for small businesses. With shifting interest rates and problems permeating the mortgage industry, it is more important than ever to consult with a professional financial advisor to get the latest information regarding small business start-ups.

Suzy Granger and her team at DRDA/CPAs will be attending several conferences for lenders including the National Association of Development Companies (NADCO) conference in Hilton Head, SC in May 2008 and the America West SBA Lenders Conference in Spokane, WA in June 2008 to get the latest developments on small business lending practices.

• The NADCO conference is an annual meeting of Certified Development Companies, where members can network and train on the latest practices in Small Business Administration loans. Members are all Certified Development Companies (CDC), which are companies, certified by the SBA to provide loans for small businesses using the SBA 504 loan program. The training sessions provided at this conference provide the latest regulations and changes in small business financing, as well as specialized training on issues like environmental rules and working with other bankers to provide the best possible financing packages to small business owners.

• The America West SBA Lenders Conference is in Spokane, WA in June and DRDA/CPAs will be there as well as part of their ongoing commitment to keeping abreast of all the latest developments in SBA loan policies and regulations.

Attending these conferences keeps the financial advisors at DRDA/CPAs informed of the most current options for small business financing so they can continue helping small business owners like you secure the best possible financing choices available. One option that DRDA/CPAs specialize in is the BORSA plan.

A BORSA plan utilizes your your own retirement savings plan such as a 401(k) to fund a Business Owners Retirement Savings Account that you can use to purchase a franchise, start up a new business or purchase business properties by using the holdings in your 401(k) without taxes, penalties, distributions,and without using the loan provision. The idea of the BORSA Plan is not to compete with, but to complement SBA loans, in an effort to assist small businesses with the needed capital to become successful as soon as possible.

The SBA does not directly provide loans, but rather, they are a guarantor of loans, which substantially lowers the risk to banks and other lenders when providing small business loans. The SBA has several programs that can help you gain the funding you need to start your business. The basic 7(a) loan program offers a guarantee to the lender for a portion of your small business load. It offers wide criteria for qualification and is the most popular loan program the SBA funds. There is also a CDC/504 loan program that provides financing security on a community wide basis to help revitalize and rejuvenate small business consumerism for communities. The SBA has also has disaster recovery loans and microloans to meet other small business financial needs. When an SBA loan program is used in conjunction with a BORSA plan, you are certain to get the best financing options available to you.

To find out more about how you can use an SBA loan with a BORSA plan today, contact the experts at DRDA/CPAs at www.drdacpa.com or www.borsaplan.com or call 281-954-6023.