Is it easy to apply for an SBA loan? Is the SBA loan application straight forward? What is even on the SBA loan application?
You can apply for an SBA loan directly on our website by filling out this painless application that tells us about you and your business. However, if you want to learn about the Small Business Administration’s loan application checklist, we will give you a brief summary.
The Small Business Administration wants to first learn about your personal background (They will want your résumé) and your personal financial statements. They also want to make sure that you can repay the loan, so they will ask you for your business tax returns and a current Profit and Loss Statement.
They will want a list of any subsidiaries and affiliates, your business license or certificate of doing business, a current business debt schedule, signed personal income tax returns, a history of your business, why the SBA loan is needed, and your business lease.
If you are purchasing an existing business, you will need a current balance sheet and Profit and Loss Statement, previous three years’ federal income tax returns of the business that you are purchasing, a proposed letter of interest with a schedule of inventory, machinery, equipment, furniture, and fixtures to be purchased, and Projected Financial Statements that include a one-year projection of income and finances and how you expect to achieve this projection.
Applying for an SBA loan can be a great step in helping to grow your small business. However, you should make sure that you have these documents in order to apply for your SBA loan.