Monday, February 19, 2018
Receiving an SBA loan is easier than you may think. These business loans are issued by a local bank but they are partially guaranteed by the government. This makes them easier to receive than a traditional bank loan. There are several types of SBA loan programs and you can click here to determine which one may be right for you.
Next, you need to prepare for your meeting with the bank by gathering your business and personal income information, data on any collateral, cash flow projections, and a plan for how you will use the funds. The banker will review this along with your credit profile and debt ratio to make an initial determination of whether you qualify and if so, for how much. After that, the process involves underwriting and paperwork – all made easier by your banker or loan representative.