Optimizing Your SBA Loan Application
When you’re getting ready to apply for SBA loans, you need to be sure that you get everything right, and that you have all requirements taken care of before you apply. Anything which isn’t prepared for evaluation by the Small Business Administration or lenders, may result in costly delays, and even disapproval of your application. Here are some things you need to do, to be sure you’re in the best state of readiness to apply for SBA loans.
Research possible lenders
Given the fact that the Small Business Administration does not lend money itself, but only guarantees some portion of a loan to the lender, you need to work with an actual lender that has been approved by the Small Business Administration. Not all lenders work with the SBA, and not all are approved by that agency, so you should spend some time and research which ones are even eligible, and which might provide the most favorable terms for you.
Get all application materials ready
Prior to actually applying, make sure that you have all the documents needed, that you have clearly identified how much money you are seeking, and what the business purpose for that money will be. You should also have documentation showing what your personal credit score is, and what your business credit score is, because these will expedite the process if they are in good order.
Prepare documents and interview responses
Before beginning the application process, make sure you have all the essential documents in hand, such as your annual financial statements for the past five years. This will help potential lenders identify your worthiness as a borrower. Make sure that all these documents are accurate and up-to-date, and be sure that you’ve reviewed them all closely, so that you can make intelligent and accurate responses about them during an interview. It’s very possible that you will get a phone call from a potential lender who wants to discuss certain aspects of your application over the phone. Be prepared for this, so that you sound professional, and so are well acquainted with your own business status and details.
Small business loans through GrowthCC
Most small businesses require financing at some point, in order to experience the kind of growth that can help make them more competitive in their markets. If your business is in need of funding assistance to compete more strongly, please contact us at GrowthCC, so our financial specialists can work with you on potential solutions to your growth needs.