Do I Qualify? What will I need to be considered for a SBA loan?
Even though the SBA-qualifying standards are more flexible than other types of loans, we will require certain information before deciding to qualify your business for a SBA loan program. While other information may be required, generally, a business will need to provide the following documentation so we can evaluate your loan request:
- Business profile - a statement describing the type of business, annual sales, number of employees, length of time in business and ownership.
- Loan request - a description of how loan funds will be used, including purpose, amount and type of loan.
- Collateral - a description of the collateral offered to secure the loan, such as your equity in the business, borrowed funds and available cash.
- Business financial statements - complete financial statements for the past three years and current interim financial statements.
- Personal financial statements - statements of owners, partners, officers and stockholders owning 20% or more of the business.
The strength and accuracy of your financial statements will be the primary basis for the lending decision, so be sure that each schedule is carefully prepared and up-to-date. The most important documents in your financial statements are:
- Balance sheets from the last three fiscal year-ends.
- Income statements showing the business profits or losses for the last three years.
- Cash flow projections indicating how much cash you expect to generate to repay the loan.
- Accounts receivable and "payable aging," breaking your receivables and payables in to 30-, 60-, 90- and past 90-day old categories.
- Personal financial statements from you and your business partners listing all personal assets, liabilities and monthly payments, as well as your personal tax returns for the past three years.
To download a SBA Loan Application Package, click here.
Get answers now to your SBA loan questions - talk to a SBA loan expert.
Call toll free -
- Beverly Hills: (888) EXCL BNK / (888) 392-5265
- Encino: (877) EXCL BNK / (877) 392-5265
Email us with your business financing needs and contact information for a quick reply.
Visit our loan centers in Beverly Hills and Encino to get connected with our professional SBA loan officers and staff. For information on how to contact us, click here.
