Questions about using SBA Loans
 

I trying to work with a Canadian VAR and starting a franchise office for them in here in the US. We do IT network solutions specializing in the area of network security and LAN/WAN connectivity.

From my available funds, I have calculated that I only have a few months to get this business "off the ground." So, I was thinking that some financing would be needed. I have gone to SBA.gov and other web sites, but none of the information is straight forward enough for me (at least at first glance).

Before I do the rest of my hot and heavy research, has anyone out there gotten an SBA loan before?

Did you use the money to pay yourself a salary while you got the business going?

Did the loan become an "albatross around your neck" even after the business started going?

Do you have any suggestions for sources of good information?

Thanks In Advance,
Jim B.

Check the chamber
 

There may be some interesting and unusual solutions in your area, including a "small business incubator" that your city is hosting. A number of contacts that the Chamber has will also know exactly how to get loans (because they'll have done it.)

You may have a harder time getting money through the SBA because it's a Canadian business and it's a franchise.

Also, check to see if there's a chapter of S.C.O.R.E. there (the Chamber would know). And do check to see if your city has an "Economic Development Department." Oftentimes, this department and the Chamber get into turf wars -- both have valuable information, but they don't share with each other, so you have to go to BOTH entities to get information.