Do You Meet These Requirements? If You
Do SBA Provides A Great Program For Your Financing Needs
SBA Qualifying and Applying ; SBA Eligibility and Requirements
What Will I Need to be Considered for SBA Loan
Even though the SBA-qualifying standards
are more flexible than other types of loans, lenders will
generally ask for certain information before deciding
to use an SBA loan program.
Generally, a business will need the following documentation
to evaluate your loan request:
- Business profile. - A document
describing type of business, annual sales, number of
employees, length of time in business and ownership.
- Loan request.- A description
of how loan funds will be used. Should include purpose,
amount and type of loan.
- Collateral -. Description of
collateral offered to secure the loan, including equity
in the business, borrowed funds and available cash.
Business Financial Statements.- Complete financial
statements for the past three years and current interim
Personal Financial Statements. Statements
of owners, partners, officers and stockholders owning
20% or more of the business. The strength and accuracy
of your financial statements will be the primary basis
for the lending decision, so be sure that yours are carefully
prepared and up-to-date.
The most important documents in your financial statements
Balance sheets from the last three fiscal year-ends.
Income statements revealing your business profits or losses
for the last three years.
Cash flow projections
indicating how much cash you expect to generate to repay
the loan. Accounts receivable and payable aging, breaking
your receivables and payables in to 30-, 60-, 90- and
past 90-day old categories.
Personal financial statements from you and your business
partners listing all personal assets, liabilities and
monthly payments, as well as your personal tax returns
for the past three years will all help you in your
SBA Qualifying and Applying process.