Small Biz Heroes

SBA Loan

SBA loans are the best loan options for small business owners. They’re government-backed and come with great rates that rival gold standards of other types of loans, making SBA a good choice when you need to expand your company in one way or another.

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MAX LOAN AMOUNT

Up to $5M

LOAN TERM

10 – 25 years

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INTEREST RATE

Prime + 2-6%

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CLOSING TIME FRAME

Pre-Approval within 48 Hours

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Credit Pull for Preapproval

Soft

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Payment Frequency

Monthly

Benefits of SBA Loans

There are many benefits of using SBA loans, including the following:

Funding within 14 days for some SBA programs

Access quick financing, often within two weeks, to address immediate business needs.

Options with no prepayment penalties or monthly fees available

Pay off loans early without penalties, and avoid additional monthly fees.

Options with no bank statements requirements avalible

Simplified application process with no need for bank statements in some cases.

Documents You Need

Before applying for any type of loan, be sure that you have all necessary documents available. This will allow your application process to go much more smoothly and quickly.

SBA preQual questionnaire:

A preliminary questionnaire to determine eligibility for SBA financing.

Government issued photo ID:

Official identification, such as a driver’s license or passport, to verify your identity.

Basic credit application:

A standard form to assess your creditworthiness and financial history.

Last 2 years of both business and personal tax returns+ request and most recent year P&L + Balance Sheet:

Year end profit loss and balance sheet and year to date as well as last 2 years of business and personal tax returns are needed for most SBA loans.

Use Of Funds, PFS, Debt Schedule:

Detailed explanation of how the loan will be used, a personal financial overview, and a list of existing debts will be requested but not required for preapproval.

BORROWER CRITERIA

Time in Business

Required: 2 Years

Preferred: 5 Years

FICO

Required: 640

Preferred: 700

Monthly Revenues

Required: $5K

Preferred: $15K

Entity Structure

Required: N/A

Preferred: LLC / Corporate

How Do You Get Approved?

The most important factor will be your credit score. The SBA requirement is a minimum of 680 FICO score from ALL three credit bureaus. If you’re starting or acquiring an existing business, there may be some loans to support that endeavor as well!

Be prepared for the process: SBA loans usually require a lot of documentation and time in order to get approved. The underwriting process can take up to 2 weeks if looking for more than $350k. Always make sure any broker or lender promises what they offer before signing on with them willingly!

What’s The Cost?

The small business administration offers a wide range of loans to help you get the funds that your company needs. SBA rates can vary depending on which lender you work with, but all interest rates have to be within SBA guidelines — the minimum and maximum amount they are allowed by law.

The Wall Street Prime Rate is what determines how much these government subsidized loans will cost now; however, in the future if this rate changes so does our loan’s interest charges because it has been based on their current prime lending rate since day one.

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Let’s Get You Funded

We help your business grow and can even secure start up funding.

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What do you qualify for?

Getting the right business loan is a lot easier than you think. We help you identify exactly what you qualify for and what program is going to be the best fit to suite your specific needs. See what you qualify for today completely risk free!

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**Secure E-Sign Application - Applying won't impact your credit score.

approvals@smallbizheroesllc.com