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Small Business Administration (SBA) loans are a great option for small enterprise owners looking for a way to fund their expansion. The application process can be overwhelming, so it is beneficial to understand what paperwork is involved and know what to expect.
Business Funding Group LLC (BFG) is a firm of professional loan packagers with decades of experience with the SBA loan process. We are confident in our ability to secure loans for our small business clients, so we do not charge a fee for our service until a loan is funded.
Contact BFG today for a free 15-minute call to discuss the beginning stages of SBA loan preparation, your business goals, and potential eligibility.
The first step in getting ready for an SBA business growth loan is determining eligibility. If your company and loan purpose qualify, you can begin gathering all the required paperwork and filling out forms. BFG can help you collect documentation and complete forms to ensure no information is missing or inaccurate.
At BFG, we have relationships with a large network of trusted lenders and can help you decide which lender to submit your application to. The lender may then request more information or ask clarifying questions before making a decision about the loan. Working with BFG takes the stress out of the process so you can focus on your business.
Data collection is a substantial part of preparing for an SBA loan application. There are several important documents that you will need to gather and some forms to fill out as well. These records help lenders evaluate your ability to repay the loan by looking at your finances.
The following are some of the documents that you will need to collect:
Lenders want to see that your business is profitable, and the last two years of your company’s tax returns could demonstrate this. These documents show how much your business made, its expenses, and its net profit. Creditworthiness is one of the main qualifiers to securing a loan, so these documents help lenders in their evaluation.
It is important for an interim P&L statement and balance sheet to be updated and prepared using the same accounting method as your tax returns. These documents are additional proof of your company’s financial situation.
A debt schedule lists all of your business’s current debts in detail. It can demonstrate to lenders how you handle debt and what kind of borrower you are.
When applying for an SBA loan as a business owner, you must supply personal tax returns as well as company tax returns. Lenders consider the personal credit scores of all business owners, as it could prove their ability or inability to handle debt.
A personal financial statement (SBA Form 413) provides a detailed look at your personal assets, liabilities, and net worth.
An SBA loan opens up many opportunities for small businesses everywhere, but all the requirements of the application process can feel overwhelming. SBA loan preparation is simplified when you work with the professionals at BFG.
We do this every day, so we understand what it takes to get you from your initial consultation call to the disbursement of a fully funded loan.
Call today to discuss how we could help you get prepared, prequalified, and on your way to growing your business!
(917) 593-5013