Advantages & Disadvantages SBA Loan Programs
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Discuss what are the advantages and disadvantages of each of the following programs in terms of complexity of application and protection in the event of a default:
a) Basic micro loan program.
b) Basic 7(a) loan program.
c) Patriot loan program.
Note that, these programs are all a part of the Small Business Administration in the United States.
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Solution Summary
This solution is comprised of a step-by-step explanation of how you may go about discussing the advantages and disadvantages of the basic microloan, the basic 7(a) and the patriot loan programs. More specifically, you will be provided with information and/or factors that you may consider if you decide to look at these advantages and disadvantages in terms of complexity of application for loans offered under each program and also in terms of the protection that is given for each each loan type in the event of default. This solution is adequately referenced and at least two links are provided for each program to get additional information if desired.
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In answering a question of this nature, the first thing you would want to do is to look at the definition of each of these individual programs. This definition should entail the types of loan offered under each program and the purposes for which the loan can be used; the eligibility requirements of the program; the minimum or maximum amount that may be borrowed under the program; the interest rates that are offered under the program; and last but by no means least, whether or not collateral is required under the program (if collateral is required, the type may be stated). You may also look at the length of time (where available) that it takes to process each loan.
After looking at the definition of each program, you may include as a part of your discussion a table that gives a summary of each program and what it entails. Example shown in attachment.
By looking at the individual programs you will then be better able to examine the advantages and disadvantages of each program as it relates to complexity of application and ...
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