The SBA Loan Process: 5 Things To Know Ahead Of Time

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The SBA loan process does not have to be as complicated as banks illustrate it to be in some cases. Here are five things that will help move the application process along so you can have the cash in hand when you need it most.

1.) Gather your financials

To begin the loan application process, you’ll need the last three years of personal and business tax returns, year-to-date profit/loss statement, and your use of proceeds or business plan. Having easy access to your financials or a reliable CPA who can get documents to you at a moment’s notice will help move the SBA loan process along quickly. If you have a CPA who specializes in your industry, you will be a step ahead of the game. They will be able to guide you toward industry-specific deductions and will know what banks will need to close your loan.

2.) Be transparent about your financial history

Divulge any credit, legal, or historic business issues that could impact your loan approval in the initial conversation. A lot of lenders have certain “non-starters,” so ask your lender about any of these items that could derail your loan down the line. The bank will find out…