Once you’ve determined that an SBA or traditional bank loan is the right kind of financing for your business, you’ll need to package your financial information in a way that makes it easy for a banker to make a favorable decision.
At the most basic level, you will need to provide:
- Basic information about your business.
- Basic information about the loan you are requesting.
- Financial information about your business.
Eligibility requirements vary depending on the type of SBA loan you apply for.
Listed below are some recommended basic eligibility requirements:
- Be a “small business” as defined by the SBA.
- Be a for-profit business.
- Do business in the United States.
- Be creditworthy.
- Exhaust all other financing options.
We highly recommend that you work with one of our network Resource Partners who are skilled in helping business owners prepare themselves to approach funding sources.