If you are looking for a way to finance your small business, you might consider applying for an SBA loan. The SBA (Small Business Administration) has several loan programs meant specifically for small business ventures. Whether you need working capital, money to buy premises or equipment, or a business line of credit, there are SBA loan programs to suit you.
So how can you go about applying for an SBA loan? Consider the steps listed below as your roadmap to the loan programs that the SBA offers.
- Think about eligibility
Just because you are a small business doesn’t mean you are eligible for an SBA loan. Banks typically can’t approve SBA loans if your FICO credit score is below 680, you haven’t been in business for more than two years, or if your business isn’t turning a profit.
- Go to a bank that works with SBA loans
Do a Google search of banks in your area and find one that advertises itself as a lender that works with SBA loans. While most banks can accept your SBA loan application, you want to find one where the bankers are experienced buy gabapentin online with the process. They will be able to advise you and will know how to work through the process quickly and efficiently.
- Assemble the materials you need
You need firepower when you go to apply for an SBA loan, starting with everything on the SBA’s loan application checklist. An application for the type of loan you want is just the tip of the iceberg. You also need information about your business’s finances, tax returns, business licenses or certificates, and more.
You also need a business plan—one that includes details about your company’s goals, vision, and financial projections. A bank, like any investor, is not going to give you any money if there is little chance of that money being paid back. A business plan will help convince the bank that your business has what it takes to succeed and is worthy of an SBA loan.
At Bargain Business Plan, we can help you prepare the perfect business plan for your SBA loan application process. Call us today at (800) 866-9971 for a free consultation.