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    1 Reply Latest reply on Apr 26, 2009 8:06 PM by phanio

    SBA Loan Question...

    tomgaz Wayfarer
      I have a friend who's looking for details about how to apply for an SBA "low doc" loan...he needs less than $100k mainly for working capital. He says they offer smaller loans that are credit score driven and don't require as much documentation. We did some yahoo and google searches and went on the SBA website so I think we undrestand them in theory. Anybody out there who has done one and can talk about how they work...any details to be aware of, documentation (if any) that's required, etc.

      Luckiest...please let us know if you've facilitated many of these and how real they are, what they like, don't like, etc. so we can decide if it's worth pursuing or if we should go in another direction.

      Thanks!

      Tom Gazaway
      tom@hawkeyemgmt.com
        • Re: SBA Loan Question...
          phanio Pioneer
          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.

          Business Money Today