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How To Get A SBA Loan
Views: 16 · Added: 3 days ago

Ease of Acquisition:
Challenging. Although The Small Business Administration has created streamlined approaches to loan applications, conventional SBA guarantee procedures and protocols pose a significant documentation and administrative challenge for most borrowers.

Also, your business should be for profit and should meet the requirements set by SBA for small businesses. - For loan 7(a), you must have the ability to pay back the loan from your business cash flow, with a maximum duration of 25 years.

Even the lending requirements may sometimes differ based on individual bank policies. Hence it is important for you to choose the right program and an appropriate provider based on your financial situation and requirements. There are various banks and private sector lenders providing SBA loans. It should however be kept in mind that all the banks do not offer the same SBA loan programs.

Interest rates on SBA loans are based on the prime rate plus a margin. Evaluating the adequacy of such additional collateral guarantees is also subject to interpretation. Financial Fact- Loan pricing and structure can vary substantially at different banks. For the same loan, some banks will require additional collateral guarantees, such as a lien on your house. Some banks will carve-out a provision for accounts receivable and inventory financing from their loan agreement to permit additional third party commercial financing in addition to the SBA loan. Some banks are more competitive in price to be leaders in SBA lending.

Since the certified bank does much of the SBA's work, the agency offers turnaround times of three business days for processing the application. These lender programs were designed to provide better response to borrowers; they accomplish this goal by placing additional responsibilities on the lenders for analysis, structuring, approval, servicing and liquidation of loans, within The Small Business Administration's guidelines. Certified lenders account for about 4 percent of all SBA business-loan guarantees. About 850 lenders qualify for the SBA's Certified Lender Program, having met certain criteria, the most important of which, from the borrower's perspective, is extensive experience in SBA loan-guarantee processing.

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