Outsource your SBA loan applications to us. We’ll work with you to provide proper structuring, underwriting, and documentation that ensure your loan meets every SBA requirement.
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The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for:
The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. We will help you figure out which type of loan is best suited for your needs.
SBA LOAN ASSISTANCE helps you assemble your SBA loan application before it is sent to one of our preferred SBA banks for review and funding. Here is an overview of the basic steps involved in obtaining an SBA loan from a bank in our network.
Determine eligibility
Review the basic eligibility requirements and use of funds to apply for a $30,000 to $5 million SBA 7(a) loan from banks in our network:
Time in business must be above two years
The business owner's personal credit score must be above 650 / 675 (commercial real estate)
The business must be U.S. based and owned by a U.S. citizen or lawful permanent resident who is at least 21 years old
No outstanding tax liens
No bankruptcies or foreclosures in the past 3 years
No recent charge-offs or settlements
Up-to-Date on government-related loans
51% owner-occupied real estate for commercial real estate (CRE)
To be eligible for 7(a) loan assistance, businesses must:
Some businesses may not qualify for a 7(a) loan. Read more about Terms, conditions, and eligibility.
Contrary to what many people think, the Small Business Administration (SBA) does not typically make loans directly to small business borrowers. Instead, it guarantees up to 90% of these loans to the lending banks that make them in order to reduce the bank's risk in providing low-cost capital to small businesses. In turn, the SBA requires small businesses to provide a comprehensive application package to demonstrate their ability to repay the loan.
The SBA provides an 11-item checklist of documentation required to package the application for an SBA loan. It includes statements of personal history and financials, business financials, ownership and affiliations, business licenses, as well as several other documents. For the full list, head to the SBA's website to learn more. Also, each individual lender adds its own requirements on top of the SBA requirements.
SBA LOAN ASSISTANCE online intelligent technology platform streamlines the application process and matches each eligible small business with the preferred SBA lending bank most likely to approve their particular application. To secure an SBA-guaranteed loan, the best strategy in approaching the application is to be well-prepared. The more readily available your relevant documentation is, the faster you can complete the application.
To help you simplify and expedite the application process, SBA LOAN ASSISTANCE uses intelligent automation to request only those documents that are relevant based on your specific application. The system lets you pre-qualify in only five minutes so you know if you are a good candidate for an SBA loan from a bank in our network before most of the paperwork must be submitted. That means you won’t waste time gathering and uploading unnecessary documents.
Basic uses for the 7(a) loan include:
When you’re ready to apply, you’ll need to gather the appropriate documents. Start the process by working with your local lender within SBA guidelines.
Use the following checklist to ensure you have everything the lender will ask for. Once your loan package is complete, we will submit it to SBA:
If you are buying an existing business, gather the following information:
You may be required to submit more SBA forms based on the specific use of proceeds or fees paid on a loans package or to a broker or agent.
Step 1.
Select a loan type and answer a few questions about your business on the loan application. You'll discover in about 5 minutes if you pre-qualify for a working capital or debt refinance loan of up to $350,000. This process will not impact your credit score.
Your dedicated Relationship Manager will give you a call to verify your loan application and how you will use the funds.
Once your application is approved by the bank, funds can be deposited into your bank account in as fast as seven days.
The traditional SBA loan application process can take several months of hard work and still end up with a “no.” Instead, we help reduce the application time and difficulty significantly while increasing the likelihood of getting your application to a “yes.” Find out more information on small business loans and apply today.
Do I need to use an agent to apply for an SBA Loan?
No, the SBA does not require the use of an Agent for Packaging Services or to refer a loan application in order to apply for an SBA loan. SBA LOAN ASSISTANCE clients choose to hire SBA LOAN ASSISTANCE for a variety of reasons including making the application process more efficient and increasing the likelihood of finding a bank that says 'yes'. In fact, many of our clients are turned away by a bank or simply turned off by how long the typical process takes them. We also find many clients take on an expensive loan from an alternative lender and save money by refinancing with an SBA loan.
Complete the CREDIT ANALYSIS by selecting the PAY NOW button.
The Credit Analysis is the method by which we calculate the creditworthiness of a business or organization. The owner must qualify as a grantor and the business must qualify as viable. A review of credit scores, capacity, capital, collateral, conditions, and character along with any criminal background checks, liens, judgements, collections and outstanding debts is also used to determine your creditworthiness.
The outcome of the credit analysis will determine what risk rating to assign the debt issuer or borrower. The risk rating, in turn, determines whether to extend credit or loan money to you the borrowing entity and, if so, the amount to lend or not.
Our experienced financial professionals and unique technology platform will then match you with the trusted lender in our network most likely to fund your business. SBA LOAN ASSISTANCE helps you assemble your SBA loan application before it is sent to one of our preferred SBA banks for review and funding. Approximately 90% of all loans referred to our bank network get funded. Throughout the application process, your dedicated Relationship Manager is available to guide you as you upload the required documentation and provide ongoing feedback on your progress.
The bank reviews your application and credit profile to approve your application.
E-Tran is the SBA's proprietary scoring system lenders use to determine if the SBA will allow them to lend. Banks in our network must run this score when deciding to approve an SBA loan of $350,000, and less.
If your E-Tran score is insufficient for an SBA loan right now, we may still be able to help your business access a fixed-rate, Bank Term loan. Please check with your Relationship Manager.
You can also take steps to improve the E-Tran score of your business over time. If your E-Tran score isn't meeting requirements, we encourage you to apply again for an SBA loan once you've made those improvements.
Loan proceeds are disbursed. Once the application is approved, funds can be deposited into your bank account in as fast as 7 days.
Loan repayment terms vary according to several factors.
Term loans offered by banks in our network have fixed rates with shorter repayment periods and a faster, less document-intensive alternative to a traditional 10-year term SBA loan.
2-5 year repayment terms with stable monthly payments
$30,000 - $350,000 for working capital and debt refinancing
Competitive fixed interest rates
Eligible business owners are U.S. citizens or legal permanent residents
A Bank Term loan can be a good option if you don't initially meet the eligibility requirements for an SBA loan. It can also be a good option if you require funds quickly or you want a fixed interest rate with stable monthly payments.
There's only one streamlined application to complete whether you are applying for an SBA loan or decide to opt into a bank term option.
A Bank Term loan from a bank in our network can be used in a variety of ways to build your business and save money.
Working capital is used to cover a company's short-term expenses like inventory, equipment, marketing, payroll, hiring, and payments on short-term debt. Deduct current liabilities (primarily short term loans due within a year and accounts payable) from current assets (cash on-hand and things that can be easily converted into cash, like inventory and accounts receivable). If your current assets don't exceed your current liabilities, a bank term loan can get you back on track to help meet financial obligations and cover day-to-day business expenses.
Many entrepreneurs rely on expensive debt when launching or in the early stages of their business. If those debt obligations are cutting into cash flow, refinancing can help you save big. For example, a marketing consulting company in San Francisco was making excessive monthly loan payments. The owner took out a $100,000 Bank Term loan with better terms and lower rates from a bank in the SmartBiz network. He was able to refinance three high cost loans, saving the business approximately $7,000 monthly.
A bank term loan can cover costs related to hiring like recruitment, training, salary, and benefits. An automotive business in North Carolina needed additional workers to keep up with service demand. The business owner allocated $15,000 from a bank term loan to hire and train 2 new technicians. With the additional staffing, he'll be able to take on more jobs, increasing revenue.
Business equipment includes tangible property (other than land or buildings) used for operations. Examples include computers, machines, tools, and vehicles. A frozen food wholesaler allocated $60,000 from a Bank Term loan to replace outdated refrigerated equipment. The business now has reliable cold storage to handle current and future inventory.
A bank term loan can finance marketing efforts to build your brand, attract customers, and increase sales. Consider a Bank Term loan from a bank in our to cover things like advertising, trade show costs, promotional materials, and more. For example, an established beauty salon is using $10,000 from a bank term loan to revamp their website, invest in Google pay per click ads, and launch social media campaigns.
If you need to increase existing inventory or expand your product line, funds from a bank term loan can cover the costs. The owner of a cafe in California is using loan proceeds to purchase additional coffee and tea products. They'll save big by buying goods in bulk.
If you need funds for remodeling, bathroom updates, or other space improvements, consider a Bank Term loan from a bank in our network. A restaurant located in Atlanta came to us to solve a problem. Demand for their food was high, but their available dining space was too small. The business owner took out a Bank Term loan to expand into a space next door. The funds are being used to hire a contractor/engineer along with a designer to handle aesthetics. The projected additional revenue per day due to the larger space is $1,000- $1,500 per day.
A buyout is where one party purchases shares of a business to acquire a controlling interest in that company. Funds from a Bank Term loan from a bank in our network can finance this type of transaction.
Funds from a bank in our network can be used to purchase an additional business. However, funds cannot be used for a new business purchase. If you have questions, please ask your relationship manager for specifics.
An SBA loan, known as the “gold standard” in small business lending, is partially guaranteed by the government. This reduces the risk to banks so they are more willing to make a small business loan. SBA loans typically have lower interest rates and longer repayment terms. If you're not eligible for an SBA loan or need funds more quickly, a bank term loan can be the right solution. These loans are often processed faster and have shorter repayment terms.
SBA 7(a) Working Capital and Debt Consolidation loans from banks in our lending network are available from $30,000 to $350,000. SBA 7(a) Commercial Real Estate Loans are available from $500,000 to $5 million. Bank term loans have $30,000 to $350,00 loan amounts.
No. In assisting you with your loan application, we initially conduct a soft credit pull that will not impact your credit score. However, after we refer you to the lender, the lender will request your full credit report from one or more consumer reporting agencies. This is considered a hard credit pull and can affect your score. This only happens after the lender receives your application and conducts their application review process.
Once your application is approved by the lender, funds can be deposited into your bank account in as fast as 7 days. The quicker you complete your application, the faster the process can proceed.
SBA LOAN ASSISTANCE helps you get to a “yes” by preparing and presenting your unique business history to the multiple banks in our lending network. For its services, SBA LOAN ASSISTANCE charges referral and packaging fees. Bank closing fees and additional third-party report charges may also apply. For complete and transparent fee and cost information for all of our products, questions, please call us at (832) 930-8484.
What types of financing are available to fund my business?
SBA LOAN ASSISTANCE is here to help you get the right funding at the right time to strengthen your business. We've worked with non-bank lenders to offer customized financing tailored for your unique situation. Options include:
Often, this financing can be secured much faster than loans from banks in our network. These options may also be a good fit if you've been in business for less than two years. Other types of financing offered can help you shore up cash flow, purchase equipment, and fund other short-term initiatives. Give us a call for more details about how you can use funds to strengthen your business.
Yes! We understand that not every business owner will initially qualify for an SBA loan or a Bank Term loan. So we work with a variety of select partners to get you these more customized options.
The pricing of these options will depend on your credit and financial profile along with the specific terms of the financial product you choose.
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