Approved: How to Get Your Business Loan Funded Faster, Cheaper & With Less Stress

Approved: How to Get Your Business Loan Funded Faster, Cheaper & With Less Stress

by Phil Winn


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Product Details

ISBN-13: 9781630475635
Publisher: Morgan James Publishing
Publication date: 11/10/2015
Pages: 240
Product dimensions: 6.00(w) x 8.90(h) x 0.60(d)

About the Author

For more than a decade, Phil Winn has assisted entrepreneurs obtain financing to start, expand and purchase existing businesses. Phil is a business graduate from the University of Vermont and has since trained under some of the leading experts in the SBA field. He has helped thousands of entrepreneurs obtain financing in excess of $100 million.

Read an Excerpt

Congratulations on making this important step toward business loan approval.

Applying for a business loan can be difficult, time intensive, and expensive, but it doesn’t have to be. This book was written to provide a straightforward road map to help you obtain approval.

In Part One, traditional business loans are compared to business loans backed by the Small Business Administration (SBA) based on 21 factors. In these first two chapters, you will learn why every entrepreneur should consider an SBA loan.

In Part Two, an overview of the SBA’s flagship programs is discussed, including how to meet the SBA’s eligibility requirements, a low bar if you follow the guidelines in this book.

In Part Three, you will learn how to evaluate yourself, your partners, and your business(es) from a lender’s perspective. With this knowledge, you will be able to highlight particular strengths that lenders want to see and mitigate weaknesses that could cause processing delays and even loan declination.

In Part Four, you will learn how to prepare a summary business plan specifically written to obtain financing. A business plan is necessary for financing to take advantage of growth opportunities, acquisition of third-party businesses, and new businesses. In Part Four, you will learn which parts of the business plan to devote more time to and which other sections only need limited information or may be skipped altogether.

In Part Five, you will learn how to prepare your business loan application correctly. Incomplete/incorrect applications cause major delays in the loan approval process. Practically speaking, complete applications always take priority over the incomplete ones. Incomplete applications are often just set aside regardless of when they were initially submitted. In fact, many lenders will simply decline them due to the time that it takes to educate borrowers on how to properly prepare a complete application.

After finishing this book, you will have the ability to highlight the strengths (and mitigate the weaknesses) of your business from a lender’s perspective, provide a simple business plan identifying how your business will be profitable for the long term, and accurately prepare a business loan application package that can be immediately submitted through underwriting without delay.

As of fiscal year ending September 30, 2014, the US Small Business Administration enabled small businesses to obtain more than $23 billion in business funding. For fiscal year 2015, the SBA has budgeted to support more than $32 billion in business funding.

This is your year to obtain financing to transition your business to the next level.

Table of Contents

Part One: 21 Reasons Why You Want an SBA Loan

Chapter 1: Why You Want an SBA Loan: Reasons 1-11

Chapter 2: Why You Want an SBA Loan: Reasons 12-21

Part Two: SBA Terms, Conditions, and Eligibility

Chapter 3: Types of SBA Loans Available

Chapter 4: SBA 7(a) Loan Eligibility

Chapter 5: SBA 7 (a) Loan Terms and Conditions.

Part Three: Your Credit Profile

Chapter 6: The Personal Credit Profile

Chapter 7: The Business Credit Profile

Chapter 8: The SBA Application Credit Profile

Chapter 9: The SBA Lender Credit Profile

Part Four: The Business Plan Questionnaire

Chapter 10: The Business Plan Questionnaire

Part Five: The SBA Loan Application

Chapter 11: The SBA Loan Application Checklist

Chapter 12: Business Loan Application Summary

Chapter 13: Sources and Uses of Funds.

Chapter 14: Business Debt Schedule

Chapter 15: IRS Form 4506-T

Chapter 16: Business Information and History Form

Chapter 17: Financial Projections

Chapter 18: Personal Financial Statement---SBA Form 413

Chapter 19: Personal Income and Expense

Chapter 20: Statement of Personal History---SBA Form 912

Chapter 21: Management Résumé with Eligibility

Chapter 22: Credit Authorization

Chapter 23: Next Steps

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