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Some thoughts - make sure that you are qualified for the loan. Even though it is guaranteed by the SBA it still must be underwriten by the bank - meaning you will have to show great credit and the ability to service (cash flow) the loan. Also, the bank may want to place a blanket UCC-1 on all business assets.
You will be required to fill out an application for the SBA which includes a standard application that asks for information about the business's financials and about the owners of the business. You will also be required to fill out a personal guarantee form that really dives into your personal finances - all your assets and liabilities.
Bring three years of business tax returns as well as personal tax returns - bank statements - and business financials (audited).
You will also need a business plan - does not have to be very elaborate.
Should you not find success here - try our website - businessmoneytoday.com - we offer information and resources regarding financing for your business. no cost.
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