How do you apply for SBA loans?
there are a ton of sites, i dont know which ones are real and which are scams
First, go to www.sba.gov (This is the actual SBA site). There should be a list of approved banks on the site. If not, go to your local bank. They will more than likely be able to steer you in the right direction.
Are SBA small business loans easier to get then other loans?
-What can I do to increase my chances of getting approved?-
My business plan is looking good so far!
No, they’re not. In fact, they take much longer to take (add another 3 -6 weeks processing time for normal loans)
If you’re applying for a loan and if it is a big amount, SBA may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business — in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don’t have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: “How much money are you requesting? What will it be used for? And For how long will it be needed?” Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
- Equity investment
HELP/ Are SBA loans only for American citizens???
Are SBA loans only for Americans? I am a Canadian trying to buy a business in the States. My Canadian bank will not loan me money to buy a business in the States.
SBA loans are for people who qualify for the loan. You must be a legal resident of the US, not a citizen.
As for your Canadian bank. Consider this, how would they collect or seize the assets of the business if you are in the US ?
Is the business you are trying ti buy have a reasonable Owners Cash Flow, does the business have real estate? How old is the business? Are you buying a franchise?
Contact me if you have want more clarification.
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