Applying for the SBA Loan Program for International Trade Businesses Online

The SBA loan program for international trade business online, otherwise referred to as the SBA International Trade Loan program is a loan program designed to help small businesses thrive in the global export market. The program, which is run by the Small Business Administration (SBA), focuses on helping small businesses succeed as they become involved in international trade. To understand how to apply for this program online, you should first become familiar with workings of the SBA International Trade Loan program.

Where to Start

When you are ready to start looking for a loan from the SBA International Trade Loan program, the first place you should go is to the Internet. The loans are actually not provided by the SBA but guarantied by them; the funds come from independent lenders, typically banks of varying sizes.  On the Internet you can start to shop around for various lenders by going to the websites of different banks. Today, even the most regional banks tend to have websites and from these websites you can find out if the bank participates in SBA loan programs.

Shopping Around

By shopping around on the Internet for lenders, you will become well informed about the best interest rates available from reliable lenders. Many lenders actually prefer to approve SBA loans rather than other types of loans because these loans are guarantied by the SBA, thereby reducing lender risks.  Because of this, the lender should be eager to help you in your quest for a loan from the SBA International Trade Loan program. If you cannot find out interest rates on the website, most banks offer online help and communication; do not hesitate to use this tool.

Applying Through the Lender

You need to apply through a lender, not to the SBA, in order to apply for a loan through the SBA International Trade Loan program. Many banks that participate as lenders for this loan program will have an option on their website for applying online. The application will be equally as comprehensive as a paper application and you should have all of the relevant information about your business, your international aspirations and future plans as well as your business's financial history. Once the lender approves you for the loan, the SBA approves it as well, as the guarantor of the loan.

Things to Be Aware Of

Most banking procedures, including applying for an SBA loan, done online are safe but there is always that chance of risk; there are also ways to help avoid identity fraud or other problems when giving out personal information online. Never give your information to a bank that you have never heard of or cannot find decent references for. If something seems funny about a website, follow your instincts before providing personal details. While all of the SBA approved lenders are legitimate lenders, a fraudulent website could pretend to be a lender when it really is not. Be aware of the websites you are using and follow Internet safety procedures to protect your identity.