Pre-Application

Facts & Myths

Required Documents

Pre-Application

First name

Last name

Phone

Address

Company name

Company Website

How many years have you been in business?

Is this a franchise?

If franchise, what is name of franchise?

Is your business profitable

Please note that existing businesses that do not demonstrate at least 1 year (previous 12 months) of profitability, are INELIGIBLE for SBA funding.

SBA loans require between 10-15% down payment. The SBA also requires post-closing liquidity for the borrower. Do you have 15-20% of the loan amount in liquid assets (cash or equivalent), or do you have other resources such as investors or seller finance?

Are you leasing or buying a property?

Letter of Intent to purchase or lease, or Purchase Agreement or Lease, will be required later as part of the formal Application process.

Is your credit score over 660?

Please note that borrowers with personal credit scores that are under 660 are NOT ELIGIBLE for SBA funding.

Have you filed a personal or business bankruptcy in last 7 years?

Previous (non-recent) bankruptcy does not automatically disqualify eligibility, however, more detailed information regarding the bankruptcy, discharge and any loss to any lender will be required later as part of the formal Application process.

How many people own 20% or more of the borrowing entity?

All owners with 20% or more interest in the borrowing entity will be required to provide personal financial statements and personal tax returns during the formal application process, and execute a personal guarantee upon closing.

Please describe your business and specify the purpose of the funds you are requesting.