How to get an SBA Loan Fast?
SBA loans are not easy to get. We all know that. Still, there are some guidelines that, if you guys follow properly, you can get an SBA loan fast. SBA is one of those loans that can help you grow your small business. This loan has relatively low rates, and according to the new Disaster assistance policy, the interest rate has become lower. Under the SBA EIDL loan program, you can get it at just a 3.57% annual interest rate.
Guidelines to get an SBA loan Fast
Here are some basic but important guidelines that can help you get an SBA loan in less time. These guidelines are interrelated, and you must follow them if you want your loan application to get accepted fast.
1. Know if you are eligible
This is the first step to getting your SBA loan approved. You must assess that do you qualify for the loan or not. This solely depends upon your credit score. To get an SBA loan, a good credit score history is mandatory. 680 > is the minimum range of credit score for eligibility to get SBA loans. This also depends on the lender. Multiple lenders can provide loans of less than 680 credit points. One thing more, an SBA loan is always a secure loan, so you need collateral equal to the amount of loan you want.
2. SBA 7(a) loan requirements
If you apply for an SBA 7(a) loan, there are multiple other things rather than just lying into the credit score range.
- You should have a running business
- Your business should be for-profit, not non-profit.
- The business should be registered in the USA.
- The equity of investment should be there
- Should have exhausted the financing option to run the business
- The business must have been running for the last 2 years.
3. Look for the perfect lender
Getting a loan is important, but finding a good lender is also important. You must search for a good one. SBA just guarantees the lender for less risk to the lenders. So, try to get the lender which provides you the loan at a better interest rate and terms.
4. Proper Paperwork
You must consider carefully that your paperwork should be complete whenever you apply for an SBA loan. So, try to get all the information and learn about all the documents you need to attach to your SBA loan application. This will put a good impression on lenders.
- List of owners and borrower information. Their share percentage and any previous criminal record.
- Legal documents
- The license of your business
- Financial statements, personal and professional
- Tax return documents
- Original real estate business
5. Application form should be filled with great care
SBA application form is a serious document and is not a good thing to take lightly. You must fill out the form properly. Put out your personal detail in the form correctly. If SBA finds any mistake in your SBA loan application, they will reject it.
So, these are some guidelines that you must follow if you guys want to get your SBA loan fast.
BitX Funding is an online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and are passionate about helping your company reach its full potential.
You can reach a loan specialist toll-free at 1-800-824-2407, email at [email protected], or apply online here, and we can guide you on which loans are the best fit for your business.