Small Biz Heroes
MAX LOAN AMOUNT
$5K – $5 Million
5 – 30 Years
TIME FOR APPROVAL
As Little As 2 Weeks
Benefits of SBA Loans
There are many benefits of using SBA loans, including the following:
The SBA provides guarantees on loans that usually have rates and fees comparable to non-guaranteed loans.
Counseling and Education
Some loans provided come with continued support to assist you while starting and running your business.
There is no collateral needed for some loans; you also get lower down payments, and flexible overhead requirements.
How Do You Get Approved?
The most important factor will be your credit score. The SBA requirement is a minimum of 680 FICO score from ALL three credit bureaus. If you’re starting or acquiring an existing business, there may be some loans to support that endeavor as well!
Be prepared for the process: SBA loans usually require a lot of documentation and time in order to get approved. The underwriting process can take up to 2 weeks if looking for more than $350k. Always make sure any broker or lender promises what they offer before signing on with them willingly!
What’s The Cost?
The Wall Street Prime Rate is what determines how much these government subsidized loans will cost now; however, in the future if this rate changes so does our loan’s interest charges because it has been based on their current prime lending rate since day one.
Documents You Need
We want to see your successful business in action, so provide us with 6 months of bank statements for a better picture. If you can send more than six months, that may be helpful as well.
Personal and Business Tax Returns:
Personal Financial Statement:
Profit and Loss Statement:
Driver’s License and Voided Check:
Miscellaneous SBA Documents:
These may include business licenses, Articles of Incorporation, commercial leases, or franchise agreements.