Polish Your SBA Loan Application for Faster Approval

Before finally submitting an SBA loan application, you should double check the documents that the business financing program needs. Check out these most basic papers that the government agency and loan providers require to avoiding delays of your loan's approval:

  • Business profile - This document contains important details about your company. It needs to have information about what type of business you have, number of people employed, annual sales, for how long the business is in operation, management/ownership profile, and any other related info.
  • Loan request - Make sure that you indicate what type of SBA loan you are applying, the amount you intend to borrow, and the list of proceeds where you will use the funds.
  • Collateral - Provide in this paper a detailed description of the collateral you pledged to secure the loan. Include the amount of cash available, borrowed funds, and the equity.
  • Business financial statement - The business' balance sheet and income statement should reflect on this credential. See to it that what you provided are complete records for the last three years and the current year.
  • Personal financial statements - Owners, partners, and stockholders who own at least 20% of the business should submit their personal financial statements along with the SBA loan application. Make certain that no one should be overlooked. Incomplete papers will prolong the application process.