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.
