Frequently Asked Questions

About the Arkansas SBTDC

1. What is the Arkansas Small Business and Technology Development Center (ASBTDC)?

2. Does the ASBTDC give business loans or grants?

3. What assistance does the ASBTDC provide to me if I am seeking a loan?

New and Existing Businesses

4. What do I need to do to start my own business?

5. I want to start a business from my home, what should I do?

6. What do I need to do to obtain a business license in Arkansas?

7. How do I know if my business name is being used? How do I register my name?

8. Do I need an Employer Identification Number (EIN) or Federal Tax ID number? If so, how do I obtain it?

9. What should I take into consideration when hiring employees?

10. How do I estimate my start-up costs and project financial statements?

11. I need to write a business plan. What do I do?

12. What types of insurance will I need for my business?

13. What is the best type of business to start?

14. How do I sell my product or services to the government?

Buying a Business

15. How do I know if a business is a "good deal"?

16. What kinds of information should I request from the seller?

17. Can I get financing for buying an existing business?

18. I'm buying an existing business. Do I still need to write a business plan?

19. There is substantial "goodwill" in the purchase price of the business. Will that affect my ability to obtain a loan for the project?

20. Will I be able to obtain a loan for 100% of the purchase price of the business?

21. The seller has told me there the business has "unreported cash sales". Is that good?

22. Is it better to buy an existing business or start a new one?

23. I'm buying an existing business which happens to be a franchise. Is there anything special I need to consider?

24. The seller won't provide any financial information on the business. Is that a problem?

25. Do I need to plan for additional operating capital when I purchase a business?

Financing

26. Does the ASBTDC give small business loans or grants?

27. What assistance does the ASBTDC provide to me if I am seeking a business loan?

28. How can I receive grant money for my small business?

29. I've never had any trouble obtaining a home mortgage, credit card, or auto loan. Does this mean that I'll be able to easily obtain a loan for my small business?

30. I know that I have a successful business idea. All I need is money. Why does all this have to be so complicated?

31. What is a SBA loan and how do I get one?

32. Where do I get a SBA loan application?

33. How long will it take to develop my plan and get a loan?

34. Is it possible to get 100% financing for my business?

35. How much money can I borrow?

36. How long will it take to get a loan?

37. What kinds of things do lenders consider when making small business loans?

38. I talked to my lender about applying for a small business loan. He/she suggested I contact the Arkansas Small Business and Technology Development Center. Why?

39. Is it a requirement that I contact the ASBTDC in order to obtain a small business loan?

40. My personal credit is bad. Can I still get a small business loan?

Other

41. What is a SIC code? What is a NAICS code?

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.