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Video instructions and help with filling out and completing 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 terms are more flexible but the SBA says real estate investing for example is to higher 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 but be aware 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 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 pra personal guarantee good consumer credit is required for 7a loans you must demonstrate a need for funds and have a sound business purpose in mind your business must meet SBA size standards and be considered small within your particular industry you have to operate for profit and must have reasonable equity to invest a company must do or propose to do business in the United States or its possessions plus the company must have tried to use other financial resources these include personal assets also known as bootstrapping before applying the 7a program allows for a loan amount of up to five million dollars to fund startup costs buy equipment etc a company can also buy new land this includes construction costs repair existing capital buy or expand an existing business refinance existing debt or buy machinery fixtures furniture supplies or materials seven a fund benefits include flexibility longer terms and potentially lower down payments versus other financing options plus there are specialized programs for entrepreneurs interested in exporting located in underserved communities who are members of the military community and those looking to meet short-term and cyclical working capital needs most such loans are repaid with monthly payments of principal and interest for fixed-rate loans the.