International Business Loans: Going Global
International business loans are designed to help your business expand and flourish by moving into the international market. There are a number of sources for international business loans including banks and the Small Business Administration, or SBA, which is a US government organization.
How to Apply
Many banks will require that your business has an impeccable credit history in order to be eligible for an international business loan; they don't want to take on a high risk loan for such a bold business move. To apply for the SBA's International Trade Loan you need to contact one of their approved lenders, as set out on the SBA website.
Eligibility
Eligible businesses for the SBA's international business loan will need to prove that they can withstand the transition to going global and that they will be able to expand or develop export markets. Also, small businesses that have suffered as a result of international trade may be eligible in order to improve their position and keep up with the changing market. Similar eligibility requires will also exist with other lending institutions as well.
Loan Specifics
Loan terms vary from lender to lender. It is important to ask the lender about all of the specifics and details of the loan including interest rates, loan repayment time, and collateral associated with the loan, as well as if there are restrictions on how the international business loan can be used.
How to Apply
Many banks will require that your business has an impeccable credit history in order to be eligible for an international business loan; they don't want to take on a high risk loan for such a bold business move. To apply for the SBA's International Trade Loan you need to contact one of their approved lenders, as set out on the SBA website.
Eligibility
Eligible businesses for the SBA's international business loan will need to prove that they can withstand the transition to going global and that they will be able to expand or develop export markets. Also, small businesses that have suffered as a result of international trade may be eligible in order to improve their position and keep up with the changing market. Similar eligibility requires will also exist with other lending institutions as well.
Loan Specifics
Loan terms vary from lender to lender. It is important to ask the lender about all of the specifics and details of the loan including interest rates, loan repayment time, and collateral associated with the loan, as well as if there are restrictions on how the international business loan can be used.
