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2476 Lake Ave Altadena, Ca. 91001 Phone 6262967777 Fax 6262967771 CONVENTIONAL / SBA LOAN APPLICATION BUSINESS LOAN APPLICATION CHECKLIST Please use this checklist as a guide to the documentation

How to fill out conventional sba loan application

How to fill out a conventional SBA loan application?

1. Obtain the necessary forms: Start by visiting the Small Business Administration (SBA) website or contacting your local SBA office to obtain the conventional SBA loan application forms. These forms typically include the SBA Form 1919, Borrower's Information Form, and SBA Form 912, Statement of Personal History.
2. Gather required documents: Before filling out the application, gather all the required documents, such as personal identification, financial statements, tax returns, business licenses or permits, and any other supporting documentation requested in the application forms.
3. Fill out the personal information section: Begin by providing your personal information such as name, address, contact details, Social Security number, date of birth, and citizenship status. Ensure that the information provided is accurate and up-to-date.
4. Complete the business information section: Fill out the sections that pertain to your business, including its legal name, address, contact information, date of establishment, industry classification, and ownership structure. Provide accurate and detailed information about your business operations and history.
5. Provide financial information: This section requires you to provide detailed financial information about your business, including balance sheets, profit and loss statements, cash flow projections, and income tax returns. Ensure that all the financial figures are accurate and substantiated.
6. Complete the personal history statement: This section requires you to disclose personal information about yourself, including your educational background, employment history, criminal record (if any), previous loan applications, and any previous involvement in bankruptcy or financial difficulties. Be honest and transparent in your responses.
7. Review and double-check: After completing all the required sections, review your application thoroughly to ensure accuracy and completeness. Double-check all the information provided, attachments, and supporting documents to prevent any errors or omissions.
8. Submit the application: Once you are satisfied with the information provided, sign the application and gather all the required documents. Make copies of everything for your records. Submit the completed application and all the supporting documents to the appropriate SBA office or your designated lender.

Who needs a conventional SBA loan application?

1. Small business owners: Entrepreneurs or small business owners who require funding for their business operations, expansion, or specific projects may need a conventional SBA loan application.
2. Business entities seeking low-cost financing: Businesses that are looking for affordable financing options to support their growth, with competitive interest rates and terms, may opt for a conventional SBA loan.
3. Startups and established businesses: Whether you are a newly established startup or a well-established business, if you meet the eligibility criteria and have a strong business plan, you may benefit from applying for a conventional SBA loan.
4. Businesses with limited collateral: Conventional SBA loans often provide an alternative financing solution for businesses that may not have sufficient collateral to secure traditional bank loans.
5. Business owners seeking longer repayment terms: Conventional SBA loans typically offer longer repayment terms compared to other commercial loans, making them suitable for businesses that prefer to have lower monthly payments over an extended period.

Remember, before applying for a conventional SBA loan, it is advisable to consult with your financial advisor or a lending institution to understand the specific requirements and suitability for your business needs.

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What is conventional sba loan application?

Conventional SBA loan applications are applications for loans that are not backed by the Small Business Administration (SBA). These loans are typically offered by traditional lenders and follow their own underwriting guidelines.

Who is required to file conventional sba loan application?

Any individual or business seeking a loan from a traditional lender that is not guaranteed by the SBA would be required to file a conventional SBA loan application.

How to fill out conventional sba loan application?

To fill out a conventional SBA loan application, applicants typically need to provide information about their personal and business finances, credit history, and the purpose of the loan. They may also need to submit supporting documents such as tax returns, financial statements, and business plans.

What is the purpose of conventional sba loan application?

The purpose of a conventional SBA loan application is to apply for a loan from a traditional lender that is not guaranteed by the SBA. These loans can be used for various business purposes, such as starting a new business, expanding an existing business, or financing working capital needs.

What information must be reported on conventional sba loan application?

Typically, applicants are required to provide personal and business financial information, details about the loan amount and purpose, and any supporting documents that may be requested by the lender.