Are you in the market for business funding? Are you considering an SBA loan but aren’t sure where to start? Have you ever wondered why financial institutions make things so difficult to qualify for and understand? Let us break down the requirements for that SBA loan you have been dreaming about to see if this is the right option for your business!
Before You Apply:
Before you have officially applied for an SBA loan you will need to gather the following information that will be required of you by the lender. This will include:
- A detailed business plan of how you plan to grow your business over the next three to five years.
- Credit reports for both you and your business.
- Before the bank runs your credit report, it is important to understand what they will be seeing so there are no surprises. Imagine the embarrassment of learning your social security number has been compromised and your credit score has been affected in front of the loan officer?
- Income Tax Returns
- Be prepared with both your personal tax filings and the businesses’.
- Bank Statements
- Many business owners don’t understand why they need to show their current bank statements if they just put the amount down on the loan applications. Banks are looking to see if any deposits or transactions look out of the ordinary. For example, if you have a $25,000 deposit on your account, they are going to want to track that and find out where the money is coming from. Remember, banks are not looking to get tied up with any illegal businesses. Money laundering is a federal offense and it is one of the bank’s responsibilities to help catch it.
- Proper Business Documentation
- The bank is going to want to see any lease agreements, business partner information, contracts, licenses, etc. Make sure you know where all of this information is so they can include it in your loan application.
If you are happy with the quality of the documentation you will need for an SBA loan, your next step is to prepare for some of the questions a lender may ask you. Questions like:
- How do you plan on using the money from this loan?
- Why are you applying for a loan?
- What other business and personal debts do you have?
- Will there be a co-signer on the loan?
Now that you have prepared yourself, it is up to you to select a lender you feel comfortable with and learn all you can about their individual requirements. Remember, not every lender has the same requirements.
Worried you don’t qualify for an SBA Loan?
When it comes to getting your business the funding you need, many small business owners wonder if they will ever find the right funding source for them. But don’t worry, when one door closes another one always opens. We are talking about a merchant cash advance.
This type of funding can get you the cash you need to help meet your businesses’ goals without breaking the bank. Whether you are looking to just make payroll as you wait for one of your clients to fulfill his unpaid invoice or you want to jump on an acquisition opportunity, a merchant cash advance is a chance you don’t want to pass up.
At eBusiness Funding, we don’t look at your credit score or your businesses history to make a judgment on how qualified you are. We look at your businesses future potential. We believe that all business owners should have the opportunity to grow their business. Past mistakes shouldn’t hurt a good person.
We make it simple to apply for our source of funding because that is the way financing should be. We are not looking to trick you or make you feel like you have failed because you don’t meet all of our requirements. We have made our requirements simple to understand for that reason.
Our Requirements:
- Have been operating as a business for at least six months.
- Are generating over $10,000 a month in revenue.
Did you answer yes to both of these questions? That is great news because now all you have to do is apply. We will let you know in just 24 hours if you have been approved!
So what are you waiting for? Apply today!
