Hi I am Taylor Moffett of Holley bean with Kelso us and this video is about how you can get an SBA loan and not just any SBA loan how you can get the best SBA loan you've got to have a couple of things to qualify number one you've got to have some real estate associated with it the real estate is what secures your SBA loan you can't do an SBA loan with just renting a property or working out of your home can't be residential it's got to be a commercial property to be an SBA loan number two you have to have some down payment money you've got to have 30 percent if you don't have 30 percent you might be able to get away with 20% if the seller of the business you're buying is willing to carry back ten but you're still gonna have to have a minimum of 20% to get any type of an SBA loan you can do SBA loans up to two million dollars you should probably look at a minimum of a couple hundred thousand dollars for an SBA loan the other thing that you have to have is a personal guarantee on your SBA loan you may have to have a reasonable amount of fair credit you can't have nasty horrible I'm in the middle of a bankruptcy kind of bleeding everywhere financially credit you've got to have something decent to show the bank and the business itself has to be profitable you can't have a clinker business that is hemorrhaging cash losing money all over the place and you're gonna go get an SBA loan to bail you out that will not work if you have a business that has income coming in but you're not able...
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SBA Form 5 This information should be included for the purpose of completing a Disaster Loan program with the SBA.
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