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Apply For US SBA

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How to Apply

Requirements

When you request a loan, you need to meet specific criteria. For your application to be considered, your business must operate in the territory of the US. Also, your business should operate for profit and have reasonable owners equity to invest. Moreover, before you ask for financial assistance, you must first use other financial resources, including personal assets. You cannot apply for a loan if your business is related to speculation, gambling, religious organizations, financial pyramids, lending activities, or real estate investing. There is no specific minimum FICO score for an SBA loan. Each lender has its own requirements for this criteria. Usually, the minimum is in the range above 600.

Application details

The list of documents required to request a loan is quite large. You need these documents:

  • Borrower information form

  • Background and financial statements

  • Business financial statements

  • Ownership and affiliations

  • Business license

  • Loan application history

  • Income tax returns

  • Resumes, including your personal resume

  • Business overview and history

  • Business lease.

The processing time of the application depends on the lender. You will have to wait from several weeks to 90 days for a decision.

You need to click on the "Find lenders" button to apply for a loan. Then the application window will open. In this window, fill in information such as your email address, name, and phone number. You should receive an email with a PIN code that you need to enter in the field that appears in the application. Next, you fill out the information about your business.

You need to enter the name of your business and its physical address and also tell about what your business is doing. Next, enter the industry in which your business is developing and mark your business experience. Then write down the amount of the loan you expect and the purpose of using the money. Click "Submit a request". In two working days, the lender who is most suited to you will write to your email.

FAQ

What happens after an SBA loan is approved?

After your SBA loan is approved, you may experience an extended window of processing time, usually somewhere around 21 days. 

Can you still apply for the PPP SBA loan 2022?

No, PPP loans ended on May 31, 2021.

How long does SBA approval take?

The processing time of the application depends on the lender. You will have to wait from several weeks to 90 days for a decision.

How long does SBA take to fund?

Up to 90 days, depending on the lender you cooperate with.

How do I know if my SBA loan is approved?

You can call or write to support to find out the status of your application.

Calculate loan payments in US SBA

US SBA calculator will allow you to calculate an approximate payment schedule for the loan

US SBA calculator
Interest rates are given in accordance with the rates of the US SBA of 28.03.2024
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