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Thursday, November 30, 2017

What Do I Need for My SBA Loan?

The Small Business Administration (SBA) offers numerous, valuable opportunities for small business owners. The lending programs of the SBA give small businesses a chance to grow and thrive. Securing an SBA-backed loans can give your business the opportunity to do things such as invest in commercial property to house your small business. M&A Law Firm, P.C. can help you with the SBA lending program process and help you secure a sound investment in commercial real estate.

What Do I Need for My SBA Loan Application?

Every SBA lending program is different. However, if you intend to apply for an SBA-backed loan, there are certain pieces of information that are mostly standard. When applying for an SBA loan, you will almost certainly need to provide the following:

  • Your personal background: This will include things such as any of your previous addresses, whether or not you have a criminal record, and details regarding your level of education. You may also be required to provide a resume including previous job titles and responsibilities you have held.
  • Your personal credit report: Your lender may have some follow up questions pertaining to your personal credit report. Be prepared to explain the contents of your credit history.
  • Business plan and financial projections: The lender will want to see what your business is all about, what your goals are for your business, and how you will be able to successfully achieve these goals. Additionally, be prepared to disclose the members of your management team and your business model. The lender will also want to see that you will eventually be able to pay back the loan in full.
  • Current Financial Status of Business: If your business is currently in debt, the lender will want to know how much debt your business currently holds and who are your business creditors.
  • Details about loan and use of loan proceeds: Your lender will want to know about why you are applying for a small business loan and what costs and expenses the loan will be covering. The lender will also want to know what type of suppliers you are working with and if you are making sound decisions about what needs to be purchased and how.

This list is certainly not exhaustive and much more information may very well be required in order to secure the SBA-backed loan. Be sure to check out the specific details and requirements for the lending program to which you are applying. It is also a good idea to consult with someone who has specialized knowledge of SBA lending programs as the application and qualification process can be complex and detail-specific.

Helping Small Business Grow and Build Commercial Property Investments

Being the recipient of an SBA-backed loan can help you realize your small business dreams. You can work on developing a sound foundation for your small business, or build off of an already existing strong foundation. One great choice for the proceeds of your SBA-backed loan is to invest in commercial real estate. This can help take your business to the next level. M&A Law Firm, P.C. is here to help your small business every step of the way. We can help you with your SBA loan application all the way through the process of securing commercial property. Call M&A Law Firm, P.C. today.


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