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What Do I Need To Know When Applying For An SBA Loan?

What aspects do I need to consider before applying for SBA Loan?

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These are a couple of things you should consider before applying for an SBA loan;

• Debt to value ratio should generally not exceed 4:1.
• Sufficient income to satisfy suggested debt service.
• Personal guarantees are needed.
• Existence and hazard insurance coverage is needed.
• Current evaluations are needed on property collateral.

Posted on Apr 15, 2015

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Hi,
You could use the SBA loan for the following purposes
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  • Revolving funds based on the value of existing inventory and receivables, under special conditions
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How Do I Qualify For An SBA Loan?


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How Do I Qualify For An SBA Loan?


A lender would expect you to repay the loan from the business' cash flow. You should be of good character and never have been convicted of a felony. The SBA normally looks for management capability, collateral pledged and owner's equity contribution as part of the loan deal. In case you own 20% or greater of the company, you will be required to personally guarantee the loan.

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Do I Have To Offer Collateral For An SBA Loan?


Collateral relies on at the loan size. In case you apply for an SBA loan of $30,000 or more, a lien on business assets is needed, which incorporates assets which include accounts receivable or stock, as well as fixed assets which include new equipment purchased with loan proceeds or business actual property owned by the small business enterprise. The worth of these assets does not need to equal the loan amount you're applying for.

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