Applying for a business loan can be difficult, time intensive and expensive, but it doesn’t have to be. “Approved” was written to provide a straightforward road map to obtain approval.
After finishing “Approved”, you will be able to highlight strengths (and mitigate weaknesses) from a lender’s perspective, provide a simple business plan identifying how the business will be profitable for the long term, and accurately prepare a business loan application that can be immediately submitted through underwriting unlike most business applications submitted.
|Publisher:||Morgan James Publishing|
|Product dimensions:||6.00(w) x 8.90(h) x 0.60(d)|
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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 ContentsPart 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