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This document is a checklist outlining the necessary requirements and documents to be submitted for a Business Development Corporation of South Carolina SBA 7(a) loan application. It includes various
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How to fill out sba 7a loan checklist
How to fill out SBA 7(a) Loan Checklist
01
Gather all necessary business information, including your business name, address, and contact information.
02
Prepare your personal information, such as your Social Security number and financial history.
03
Compile business financial statements, including income statements, balance sheets, and cash flow statements.
04
Complete the SBA Form 1919, which is the borrower information form.
05
Document your business's purpose for the loan, including how the funds will be used.
06
Prepare a business plan if required, outlining your business model, market analysis, and growth strategies.
07
Collect personal and business tax returns for the last three years.
08
Gather any legal documents, such as business licenses and leases.
09
Ensure that your business credit history is in good standing and prepare a credit report.
10
Review the checklist thoroughly and submit all required documents to your lender.
Who needs SBA 7(a) Loan Checklist?
01
Small business owners seeking financial assistance for working capital, equipment purchases, or business expansion.
02
Entrepreneurs looking to start a new business and require funding.
03
Businesses that may not qualify for traditional loans and need guaranteed loan programs.
04
Startups that need guidance on preparing loan applications and documentation.
05
Small businesses wanting to understand the lending requirements specific to SBA loans.
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People Also Ask about
What are the terms on an SBA 7A loan?
SBA 7(a) loan terms The maximum term lengths for SBA 7(a) loans typically depend on the use of loan proceeds: 25 years for real estate. 10 years for equipment. 10 years for working capital or inventory loans.
What documents are needed for SBA 7a loan?
The maximum term lengths for SBA 7(a) loans typically depend on the use of loan proceeds: 25 years for real estate. 10 years for equipment. 10 years for working capital or inventory loans.
What is the 20% rule for SBA?
Each individual or entity that owns 20% or more of the equity in a borrowing entity must provide an unconditional guarantee of the loan. If no individual or entity owns 20% or more of the borrower entity, at least one owner will be required to provide an unconditional guarantee.
What are typical terms for an SBA 7a loan?
To be eligible for 7(a) loan assistance, businesses must: Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA Size Requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-Federal, non-State, and non-local government sources.
How much do you have to put down on a SBA 7a loan?
SBA loan down payment requirements SBA loan programLoan amountMinimum down payment SBA 7(a) loans up to $500,000 Up to $500,000 None SBA 7(a) loans over $500,000 Up to $5,000,000 10% if the loan is being used for a complete change of ownership SBA 504/CDC loans Up to $5,500,000 10% to 20% SBA CAPLines Up to $5,000,000 None3 more rows • Feb 20, 2025
How long are SBA business loan terms?
SBA 7(a) Loans Repayment term: Maximum of 10 years for inventory, working capital, or equipment; 25 years max for real estate loans. Loan amount: $5 million is the maximum business loan amount for all 7(a) loans except Express and Export Express, which typically have maximums of $350,000 and $500,000, respectively.
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What is SBA 7(a) Loan Checklist?
The SBA 7(a) Loan Checklist is a document that outlines the necessary steps and required documentation for borrowers seeking to obtain a 7(a) loan from the Small Business Administration.
Who is required to file SBA 7(a) Loan Checklist?
Any business owner or borrower applying for an SBA 7(a) loan is required to complete and submit the SBA 7(a) Loan Checklist as part of their loan application process.
How to fill out SBA 7(a) Loan Checklist?
To fill out the SBA 7(a) Loan Checklist, borrowers should gather all required documentation, ensure accuracy in filling out their personal and business information, and carefully follow the outlined steps provided in the checklist.
What is the purpose of SBA 7(a) Loan Checklist?
The purpose of the SBA 7(a) Loan Checklist is to help potential borrowers understand the necessary documentation and requirements for securing a 7(a) loan, thereby streamlining the application process.
What information must be reported on SBA 7(a) Loan Checklist?
The SBA 7(a) Loan Checklist typically requires information such as personal identification details, business financial statements, federal tax returns, and any other documentation relevant to the business's financial history and loan purpose.
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