How do I get a SBA loan?
The Small Business Administration assists banks in making loans to small businesses for a multitude of reasons such as buying a business, building or equipment. The SBA 7(A) program also provides companies’ access to financing that may not be available elsewhere.
Once you have identified your need for an SBA loan, the next question will be how to go about getting one. It’s important to be prepared. Here are some simple steps to help:
1. Know exactly how much you need to borrow. The SBA is specific in its rules and regulations so having exact figures on what you are paying for the business, equipment or building will help to avoid later confusion and will start the loan process much quicker.
2. Investigate your personal credit score. One of the most common myths about the SBA is that they provide loans to borrowers with serious personal credit issues. Solid personal credit is still a requirement for SBA lending.
3. Get your financial documents ready. To apply for an SBA loan you will be required to provide personal and corporate tax returns, along with various other financial documents. Being prepared will make your experience a smoother process.
4. Find an experienced SBA Lender. SBA lending experience varies substantially from banker to banker. Ask your lender how long they have been in the field and gauge their ability to best help you.
SENIOR VICE PRESIDENT,
HEAD OF SBA LENDING
1854 Midland Trail
Shelbyville, KY 40065
859.361.8764 or 866.633.4450