SBA Loans Process

It's time to grow your business, you have managed it well, you've been fiscally responsible but you cant get a loan so you decided to turn to SBA who is willing to guaranty up to 75% of the loan. But how do you do it?

First contact your local lender, as the SBA does not directly loan and instead acts through intermediaries guarantying loans for those intermediaries. If your lender thinks your application and plan are strong enough, they will contact the SBA if you lack the security of their normal standards.

Also check your eligibility as the different types of loans have different eligibility requirements and applications from ineligible lenders wont be considered at all. You may also want to see if you are actually eligible for a non SBA loan.

At this step look for special benefits you may get such as woman obtaining pre-qualification  through a non-profit or other benefits for being a minority.

Now when you get ready to give your application remember the SBA is not entirely satisfied with just your  basic finances, your character and personal responsibility and history as well as plans for the funds provided should also be included. They want to know they can trust you with tax payers money. Be as honest as you can painting the best and most accurate picture of yourself as possible. When thats done submit your loan and wait for approval, most eligibile applications are approved so don't sweat too much about it.

Most of the work of the application will be gathering all the information about yourself, your history, and your plans. This may be time consuming but it is essential. Also talk with your local lender about the condition and quality of your application and that it has been completed correctly.