Pre-Qualification List for SBA Loan Consideration
Following is the new & improved Pre-Qualification list for SBA loan consideration. These are the items which the SBA lenders need to see in order to qualify a loan:
-
Project Overview.
-
-
Who are the borrowers?
-
What type of business?
-
Who are the owners?
-
What do they need financing for, how much money do they need, how will it be used? Specify project costs (example: purchase real estate $500K, renovation $200K, purchase equipment $300K, refinance business debt $150K, marketing and soft costs $30K, etc)
-
How much do they plan to put down on the deal?
-
-
Business tax returns. Last 3 fiscal years from applicant business and selling business. Complete copies, including all schedules, statements, K1s. If they are not available immediately we can take year-end financial statements for the last 3 years. Statements include Profit & Loss (Income) and Balance Sheet.
-
Personal Financial Statement. Dated within 60 days. Each owner to complete their own, jointly with their spouse if married. Must be signed by owner and spouse in BLUE INK. Form attached.
-
Resume of owners. This is especially important if the business is start-up or a business acquisition.
-
Credit Report. Pulled anytime within the last 60 days. If they pull their own credit it won’t hit their score.
That’s it!! Hope this helps!