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One special SBA program is the Minority Prequalification Loan Program. If your business is at least 51 percent owned and managed by a member of an ethnic minority, the SBA will find you an intermediary to help you put together a loan application and find a lender.

The government also offers direct loans to special groups. For example, the SBA has a loan program for disabled veterans and for Vietnam veterans. The Handicapped Assistance Loan Program offers start-up loans to business owners when either the owner is disabled or disabled individuals work 75 percent (or more) of the staff hours. Special loan programs for women or minority-owned businesses are also available. If you think you might be eligible for a direct loan, check with the SBA or your state lending agencies. SBA offices are listed in the telephone directory under “U.S. Government,” or you can call the Small Business Answer Desk at 1-800-8-ASK-SBA.

Private Family Loans

In your investigation of commercial and government loan programs, don’t neglect one of the most common sources for loans: friends and family. Many, perhaps most, new businesses are funded by family members. Often, the best place to borrow money is from relatives. But sometimes, the worst place to borrow money is from relatives. On the one hand, who is more likely to appreciate your vision or to want to see you succeed than your family? On the other, if your business doesn’t succeed, you will lose not only your money but that of the family member who invested in you. Think through the long-term implications of borrowing from family.