Getting approved for SBA loans involves satisfying all requirements as published by the Small Business Administration. The most effective way to qualify for SBA loans is using a checklist of the information they want to meet their approval requirements. Here is what you need for your checklist to get the SBA loan you want.
SBA Loan Application. The first step in the process, completing the SBA application starts the ball rolling.
Personal Background and Current Financial Statement. This item includes a statement of your personal history and a personal (not a business) statement of your assets, liabilities and equity.
Business Financial Statements. A balance sheet (similar to your personal financial statement), profit and loss (P&L) statement dated within 90 days of your application, and a one-year projection of your operations and asset/liability/equity position after the next 12 months. Also include a cash flow statement to display your company’s ability to repay any SBA loans granted.
Ownership position in other companies or subsidiaries. SBA wants to be clear on other organizations in which you have ownership or stock, whether in a majority or minority position.
Tax Returns for the previous three years. If your business is a sole proprietorship, your personal tax returns should each include a Schedule C, essentially a P&L for your company operations. Should your business be a partnership, corporation or LLC (limited liability company) submit forms showing your share of net income or dividends received.
Resume(s). Include professional resumes for each principal (owner) of the business.
Licenses, Certificates or other “Permissions to transact business.” SBA loans for corporations may only require affixing your corporate seal to the application.
Leases, rental agreements or deeds. SBA loan packages include evidence of your place(s) of business and the agreements you have with landlords or verification of property ownership.
Executive Summary and Business Overview. Prepare a brief history of the business, including the reasons for wanting an SBA loan. Also briefly summarize the experience of the business owners. If your business is a startup, summarize your projected plans for success.
Your SBA loan checklist is complete. You may be asked for some additional documentation, depending on your business and industry, but these noted items are required for all types of SBA loans. UnsecuredBizLoan may be able to help you get the SBA loan you want. Visit their website to learn more.
To apply for funding for your small business, use the form on the right to begin the application process.