Home: Message List - SBA Loan Requirments

Re: SBA Loan Requirments

TJMorehead — Mon, 17 Mar 2008 04:54:15 GMT

Hello Online,

I know your question has been answered, but I wanted to make you aware that the SBA has several funding programs available. I can help facilitate a funding request for the program most suitable for your business financing needs.

Feel free to email me at moreheadsconnections@gmail.com to discuss more in detail.

Warm regards,
TJ Morehead

Re: SBA Loan Requirments

frozenghost — Thu, 13 Mar 2008 09:45:17 GMT

Pardon me for asking, I am sure this question has been posted many times before, but the requirements you have mapped out here seem pretty geared towards an already existing business .. I thought SBA Loans were for people starting up a new business. I have no financial history and no college degrees in accounting or business, far as I know my credit is good but I have nothing to put up as collateral, no financial statements, no sales, no employees.
Should I be looking at a credit account or some other type of loan or does SBA have a program to help me get started?

Re: SBA Loan Requirments

roscocpa — Fri, 29 Feb 2008 04:27:35 GMT

This is correct about the 7a and 504 programs. Here is a fabulous website for those interested in learning more about SBA loans/lenders. As I said before, the key to success in these programs is selecting the "expert" lender who does SBA loans every day, and ONLY SBA loans. When you find one and talk to them, you will know what I'm talking about as to why this is critical. They will slide you right into the program and it will be painless. If you are with an inexperienced lender, it will be the most painful process you can imagine, and you should immediately consider altering your state of consciousness in some way to keep from pulling every hair on your body out. Remember that famous movie line "many have tried, and many have failed" - that's because they didn't go to the expert.

Here's the website, www.nadco.org/nadco/welcome.html - just click on the CDC Directory tab on the left and select the state where your project is located and you will be off the the races. Keep in mind that ALL lenders must go through a CDC in order to process an SBA loan application, so you are merely cutting out the middleman and going directly to the source.

Best of luck!

Re: SBA Loan Requirments

fmartin09 — Sat, 12 Jan 2008 19:43:26 GMT

Hi,

I'm a commercial banker that specializes in conventional and SBA commercial loans. Depending on your needs, you might be a good candidate for a 7a or a 504 SBA loan. Send me an email and I'd be happy to point you in the right direction.

fmartin@prudential-capital.com
www.prudential-capital.com

Best regards,

Re: SBA Loan Requirments

mlebovits — Sat, 12 Jan 2008 18:13:33 GMT

It sounds like the program Roscocpa is referring to is the 504 loan program which is typically used for the acquisition of fixed assets such as real estate and machinery.

The 7a program is more likely to be used to fund the acquisition of a franchise. For certain loan sizes, the SBA's collateral requirements can be flexible.

The SBA website (http://www.sba.gov/services/financialassistance/index.html) provides a lot of information on the official requirements for their various loan programs.

Marshall Lebovits

http://www.funding911.com/

Re: SBA Loan Requirments

roscocpa — Fri, 11 Jan 2008 18:46:34 GMT

online:

The SBA portion of the loan did require collateral.... sort of. The 1st lender actually funded the entire 90% of the LTV in order to close the deal. Then, upon completion of certain items, the SBA will be reimbursing the commercial lender on the back end for the "bridge" loan (the 40% 2nd that the SBA committed to funding). A little complex to describe here. Like I said, these things are complicated but very rewarding/beneficial if you are willing to put in the time and effort it takes to jump through the various hoops. Nothing good comes easy they say, and that is especially true when trying to get into any government program. As for my banking contact in San Francisco, you can contact me directly via e-mail and I will give you his info. as I'm not sure he is ok with me posting it without his knowledge. mcrauschkolb@yahoo.com.

roscocpa

Re: SBA Loan Requirments

Online — Fri, 11 Jan 2008 03:09:55 GMT

mlebovits:

Yes, I found an outdated list:

http://www.franchiseregistry.com/Registry/

and it is present. Very good news.

Thank you.
Online

Re: SBA Loan Requirments

Online — Fri, 11 Jan 2008 03:06:35 GMT

roscocpa:

Great info, thank you.

Did the SBA portion require collateral?

Yes, the contact would be great.

Thanks.
Online

Re: SBA Loan Requirments

CorpCons08 — Fri, 11 Jan 2008 01:09:40 GMT

I have experience in getting financing for franchises.
You can email me at d.skolnick@skolnick-associates.com if interested.

CC08

Re: SBA Loan Requirments

mlebovits — Fri, 11 Jan 2008 00:59:10 GMT

Online,

You might want to make sure that the franchise you are buying is on the SBA's list of approved franchise concepts.

Marshall
www.Funding911.com