SBA BUSINESS LOAN
The Small Business Association (SBA) loan is ideally suited for small business owners with strong personal credit histories and well-organized financial and business planning systems.
SBA loans are really bank loans, submitted to the SBA for guaranteed payment, allowing the bank to lend with reduced risk.
SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
WHAT DOES THIS ALL MEAN?
This will leave many main street companies competing with larger companies for bank financing, with the recent updated classification for small businesses .
Now a business with annual revenues up to $21 Million annually may apply for a small business loan!
These loans are submitted to the banks. Banks now more then ever are looking to increase their revenues and only give loans to more secured larger clients and still have these loans backed by the SBA!!
More small businesses will be left out of the SBA lending because they have to compete with larger companies for financing.
Applying for and SBA Loan
When you apply for an SBA loan you will first need to locate a local lender of bank that works under the SBA Guidelines. Get ready for a lengthy process even though the SBA backs these loans they do request plenty of documentation! Depending on your loan request with the SBA you may need the following items:
The process can take up to 7 days for initial interest and up to 60 days for funding.
PRIVATE BUSINESS LOANS
We know the true health of your business is not based on just an owners personal credit score. We will view your cash flow of your business instead of just credit scores. This means we can approve many companies that may have been denied by their bank and the sba guidelines.
We will look at companies doing as $200,000 + in annual sales
-Business Loans that only require 6 months in operation.
-Business Loans with No Invoices or Real Estate Required
-Business Loans with No Personal Guarantee or Lien on the home!
-Business Financing for Home Based operations and sole propertiership
-Business Loans for companies that have under 5 employees!
-Business Loans with minimal documentation
-Loans that can fund in 5 business days vs 60 days with SBA Bank Loans