How to Get SBA Small Business Loans
Get declined for a traditional business loan with a bank., Schedule an appointment with your nearest Small Business Development Center (SBDC)., Complete all necessary paperwork., Review your credit report by requesting a copy from all three credit...
Step-by-Step Guide
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Step 1: Get declined for a traditional business loan with a bank.
This sounds odd but it's true.
Small businesses cannot get SBA small business loans unless they have been turned down for funding by a traditional lender.
You only need to be turned down once to apply for a SBA loan but it can help your case if you are rejected by at least 2 lenders. -
Step 2: Schedule an appointment with your nearest Small Business Development Center (SBDC).
The SBDC is a branch of the Small Business Administration that works directly with small businesses to provide free and low cost business education, counseling and other consulting that help grow businesses.
One of the services they provide is to help small businesses establish relationships with local lenders who can help you get a SBA small business loan. , A business plan with forecasts and projections will be necessary for applying for a SBA small business loan.
Your SBDC counselors can help you with this process.
Allow yourself enough time to create a comprehensive plan that will impress your banker and ensure them that you have the skills in place to grow a business with their money. , The SBA will not lend to a business with existing financial problems.
If you have any errors or bad reports in your credit history, now is the time to work on cleaning up your credit report to raise your credit score. , The SBA offers a variety of loan programs ranging from short-term loans for immediate capital-building needs to loans that help entrepreneurs with special needs, such as businesses located in rural or economically depressed areas. , Create a well-organized package and submit all paperwork the bank requires in order to get a SBA small business loan. -
Step 3: Complete all necessary paperwork.
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Step 4: Review your credit report by requesting a copy from all three credit agencies: Equifax
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Step 5: TransUnion and Experian.
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Step 6: Meet with your SBA banker to discuss SBA loans your business might qualify for.
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Step 7: Finalize your business plan and review your loan application package with your SBDC counselor to ensure viability of your application.
Detailed Guide
This sounds odd but it's true.
Small businesses cannot get SBA small business loans unless they have been turned down for funding by a traditional lender.
You only need to be turned down once to apply for a SBA loan but it can help your case if you are rejected by at least 2 lenders.
The SBDC is a branch of the Small Business Administration that works directly with small businesses to provide free and low cost business education, counseling and other consulting that help grow businesses.
One of the services they provide is to help small businesses establish relationships with local lenders who can help you get a SBA small business loan. , A business plan with forecasts and projections will be necessary for applying for a SBA small business loan.
Your SBDC counselors can help you with this process.
Allow yourself enough time to create a comprehensive plan that will impress your banker and ensure them that you have the skills in place to grow a business with their money. , The SBA will not lend to a business with existing financial problems.
If you have any errors or bad reports in your credit history, now is the time to work on cleaning up your credit report to raise your credit score. , The SBA offers a variety of loan programs ranging from short-term loans for immediate capital-building needs to loans that help entrepreneurs with special needs, such as businesses located in rural or economically depressed areas. , Create a well-organized package and submit all paperwork the bank requires in order to get a SBA small business loan.
About the Author
Angela James
Committed to making lifestyle accessible and understandable for everyone.
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