Qualifying for the SBA Loan Program for International Trade Businesses with Bad Credit

An SBA loan from the SBA loan program for international trade businesses, also known as the SBA International Trade Loan program, is designed to help small business enter the global export market. The Small Business Administration, or SBA, is a US Government sponsored organization that is dedicated to helping small business owners create and sustain successful businesses. This particular loan program allows small businesses to remain competitive in an increasingly globalized world and to qualify you don't have to possess a flawless credit record. It is possible to obtain an SBA loan for international trade with bad credit and it will help you to understand the specifics of the International Trade Loan program in order to make your business, as a candidate as appealing as possible.

Credit Counts But Not For Everything

When it comes to applying for a loan, a good credit check definitely carries some weight. But, if you do not fall into that category, do not let this deter you. Even if your credit is less than perfect, you can make up for it by showing that you have learned from your mistakes, matured financially, and are capable of being a successful small business owner ready to take things global. You may face extra scrutiny and it may take some convincing to get the loan, but it is certainly possible. The lender of the loan will need to be sure that you can handle the responsibility of a loan through the SBA International Trade Loan program, but will a clear and concise plan your chances of obtaining one will increase greatly.

Dealing With Lenders, Dealing With the SBA

While the program is run by the SBA, the funding for the loans does not come from the SBA. Rather, it comes from third-party lenders, typically banks of varying sizes and statures, that are approved lenders of SBA loans. You will primarily deal with these lenders when applying for a loan. Because you are an applicant with bad credit, you should talk to several different lenders before deciding which one sounds the best; you want a lender who is willing to see past your credit history and realize your potential as an international small business owner. On top of dealing with the lenders, the SBA will also need to approve your application; the more thorough, concise and well-thought out your application is, the higher your chances will to receive approval from both the lender and the SBA.