If you are considering a loan backed by the United States Small Business Administration, there are several things you need to think about before you apply. First of all, each loan program the SBA operates has a different application process. Each loan program also has its own criteria for determining eligibility. Before you begin the application process, research the loan program you are applying for so that you fully understand the requirements and the eligibility guidelines.
Before you apply for any business loan, you should also get a clear picture of what your business actually needs in terms of financing. Lenders want to see that you have given your business a lot of thought before trying to secure a loan, so make sure that you have a thorough business plan ready to show. You should also have an idea of how much financing you need, as well as alternatives for obtaining it. Finally, make sure that you are well aware of the factors the lender will use to make his decision.
After you know what you will apply for, you are ready to gather the necessary documents. Regardless of the loan program you have chosen, you will most likely need to supply the lender with copies of your profit and loss statement, business permits, personal financial statements and tax returns. Other documentation may also be required, so consult your lender to make sure that you have everything you need for the application.
The final step in applying for an SBA loan involves completing the application itself. Applications for SBA loans don’t follow a set format. To determine which format you should use, ask your lender for advice. You can also conduct research on your loan program for further instruction with regard to how the application should look.
If you are interested in applying for an SBA loan for your business, you can also consider using the services of UnsecuredBizLoan.com. Here at UnsecuredBizLoan, we can connect you with a lender interested in offering an SBA loan to your business. Contact us to learn more about your options.
To apply for funding for your small business, use the form on the right to begin the application process.