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Sba 5c Form: What You Should Know

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Video instructions and help with filling out and completing Sba Form 5c

Instructions and Help about Sba Form 5c

What's needed to get an SBA loan and the steps to getting one. - What does the SBA do? - The Small Business Administration does not actually loan money. Instead, they set loan guidelines because the SBA guarantees these loans. - The rates are more favorable and terms are more flexible, but the SBA says real estate investing, for example, is too high risk for them. - Not every company can qualify for an SBA loan. For those that are able to, the SBA can come to the rescue and get you funding. However, be aware that there's a lot of paperwork. - The Small Business Administration has various cap lines loan programs and SBA Express. The SBA's lending partners actually make the loans. - The SBA also offers research grants if your company engages in scientific research and development. - The SBA uses the FICO SPSS small business scoring service. Scores reflect the likelihood of an applicant paying their bills timely. Scores range from zero to 300. Higher scores mean lower risk. - The higher score you have, the better personal and business credit history, plus financial data go into the total score calculation. - For SBA loans, you will not be approved with a score under 140. However, they typically set a cut-off as high as 160. Below that, you will probably be denied because of being too high a risk. - Chances are good an SBA lender won't even submit your application to SBA if your score doesn't meet the threshold. - For SBA loans, you usually need to show some time in business. The most popular SBA loan for working capital is the 7a. Approvals go up to $750,000. Rates are usually 2 to 4 percent above prime rate. - All owners with more than 20% ownership in the business must provide a personal guarantee. Good consumer...