What are the requirements for SBA loans?
Even though the SBA-qualifying standards are more flexible than other types of loans, lenders will generally ask for certain information before deciding to use an SBA loan program. Generally, lenders will need the following documentation to evaluate your loan request: Business Profile A document describing type of business, annual sales, number of employees, length of time in business and ownership. Loan Request A description of how loan funds will be used, which should include purpose, amount and type of loan. Collateral Description of collateral offered to secure the loan, including equity in the business, borrowed funds and available cash. Business Financial Statements Complete financial statements for the past three years and current interim financial statements. Personal Financial Statements Statements of owners, partners, officers and stockholders owning 20% or more of the business. The strength and accuracy of your financial statements will be the primary basis for the lending d
