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Video instructions and help with filling out and completing Sba schedule of business debt form

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 to service everything you might be able to get into some sort of some sort of tourniquet financing I don't heavily recommend that I could help you I could recommend some places for you to do that but if you want to do an SBA loan there are two main types of SBA loans there's the 7a and then there's the junk and you don't want to mess with the 504 SB you want to get the seven a you want a seven a I'm not gonna go into all kinds of detail about why the 7a is financially better for you but you want the 7a loan that's the good one if you walk into your local bank you say can you get me a 7a loan are you a preferred lender with the SBA if they say no to either of those you don't want to do business with them you need your bank to say yes I can get you a 7a loan yes we are a preferred lender with the SBA so those are the two things you want to ask your banker if if you're unsure about that I will be happy to recommend.