| There are numerous types of SBA loans available and | | | | records, you need to include tax returns and any |
| many of them are designed to be quite useful and | | | | other relevant financial documents. |
| helpful however deciding upon exactly what you | | | | Fourth, you need to include information about why |
| need and how to get it is sometimes. While there are | | | | you are requesting the loan, how much you need the |
| numerous programs that are designed to work for | | | | loan to be for, proposed repayment information and |
| small business owners it is very important to ensure | | | | information on what will be used as collateral for the |
| that you know what you need to have in order to | | | | loan. This is very important and needs to be kept in |
| really improve your businesses chance of securing a | | | | line with figures that are realistic to be paid back |
| SBA loan. | | | | based on the current performance of the business. |
| First, you must be turned down for a loan from a | | | | Lastly, you are going to need to have a complete |
| private financial institution in order to be eligible to | | | | detailed resume for anyone who will be in a |
| apply for a SBA loan. Once you have a formal denial | | | | management position in the business. You do not |
| from a private lender you are able to apply with the | | | | want to just have an application for each |
| SBA for a loan. | | | | management person, but rather a very detailed |
| Second, you need to have a well written business | | | | resume that covers all of their relevant experience |
| plan. This does not mean you simply toss together a | | | | so that you know the SBA loan officer will agree the |
| few pages of material. You need to ensure that you | | | | business is in knowledgeable hands. |
| have information in the business plan about the | | | | As you can imagine being approved for a loan is not |
| purpose of the business, the business structure, how | | | | always an easy task, however ensuring that you are |
| long it has been in operation, and any information | | | | prepared before attempting the process is a sure |
| that is relevant to the type of business you have. | | | | way to ensure that it goes as smoothly as possible |
| Third, you need to have some financial information | | | | with the fewest complications. Your business needs |
| for both the business and all people who own at | | | | your help and determination to ensure that it is |
| least a 20% share of the business. You need tax | | | | successful. Spending the time to prepare the proper |
| statements for at least the last 3 years for the | | | | documents will ensure that your business has a much |
| business, and you also need to include P&L | | | | better chance of having the loan improved to handle |
| statements for the next two years based on realistic | | | | all of your needs quickly and easily. |
| sales from the previous 3 years. For personal financial | | | | |