(917) 593-5013What are the eligibility criteria for an SBA loan?
The most important eligibility criterion is to have a profitable company based on your tax returns. We will also look at your credit score and personal financial statements. Your personal and business debt and your ability to repay that debt play a significant role in determining your eligibility. A brief 15-minute discussion with us can help you find out if you qualify for a loan.
What is the application process for an SBA loan?
We will provide you with all the materials you need and assist you with filling them out if necessary. To start, we will need three years of tax returns and personal financial statements. While there are many forms involved in every loan, we try to make it as easy as possible and aim to close the loan as soon as possible.
What documents are required for applying for SBA financing?
Tax returns for both the owners and the business for the last three years, as well as personal financial statements from all owners with over 20% ownership. Additionally, various documents related to your corporate entity are required to close the loan.
How long does it typically take to get approved for an SBA loan?
Once you provide us with all the necessary documentation, we can get you a loan commitment within 30 days. After that, you can expect it to take about 45 more days to close and fund the loan.