ESTABLISHED BUSINESS SBA LOAN
WHAT IS THE SBA 7(A) LOAN
The SBA 7(a) program is the primary loan program provided by the Small Business Administration-approved lender. This program was designed to help small businesses that otherwise could not obtain a conventional bank loan.
Minimum loan amount is $30,000 and up to $350,000. Loan approval is within 3 days and the actual payouts can be as fast as 7 days after application & documentation is complete.
7(A) LOAN TERMS, FEES & COLLATERAL NEEDED
IS YOUR BUSINESS ELIGIBLE FOR SBA LENDING?
The SBA will not provide a guarantee for loans used for investment or speculative purposes.
Generally 95% of all businesses are eligible for SBA financing. You must be a for profit organization. If you are a retail or service business and your annual sales are under $21,000,000 or a wholesale company with less than 100 employees, you maybe eligible. The size of your business will also be a factor in the lenders decision as to whether or not you qualify for SBA financing.
WHAT LENDERS ARE LOOKING FOR IN POTENTIAL SBA LOANS
When reviewing a loan package for possible SBA lending, a lender would like to see:
- Good Credit (A – C+) – initial credit review is done with a SOFT credit pull.
- A good business plan
- Sufficient investment from the owner ( SBA likes to see a capital infusion of 25% – 30% – although we have been able to obtain funding for our clients with a 10% capital infusion)
- Collateral (fixed assets, equipment, real estate)
- Business must be showing a positive cash flow
- 2 years time in business – NO STARTUPS
- No Bankruptcy or Foreclosures within the past 3 years
- No prior defaults on government backed loans
- No outstanding liens
- Must be a US citizen
CAN BE USED FOR THE FOLLOWING:
- Working Capital
- Equipment financing
- Business expansion
- Debt refinancing
- Business Acquisition
SEND YOUR SBA LOAN APPLICATION HERE
FACTORING YOUR ACCOUNT RECEIVABLE
Click here for our factoring / accounts receivable program Factoring is another way to obtain working capital for your business. Factoring is based on your clients credit not yours. All business types & stages (including start ups) accepted. Click here for more information.