When submitting your SBA loan application make sure you understand what today's underwriters (the decision makers) need to see in order to get your loan approved. Every SBA lender is not the same and you need to know what SBA lender has a funding passion for your specific SBA Loan request. To quickly get your loan approved, make sure you follow this first action step before you do anything else.
Action Step #1
Create a Project Overview:
Who are the borrowers? Explain what their expertise or experience in the same related line of work is. Any success stories about the borrowers, testimonials, past performance awards. It all makes a big difference-share it!
What type of small business (industry) are you in? Is this a new industry that is growing or has great promise for growth or is it a gas station in East Detroit? Get your head inside the mind of the decision makers, think like an underwriter would think. It doesn't matter what you would like to buy if lenders are not looking to lend on it. Remember, this is a lenders market not a buyers market.
What do they need financing for, how much money do they need, how will it be used? Specify Project Costs (example: Pay for real estate $600K, restoration $300K, purchase equipment $300K, refinance business debt $250K, marketing and soft costs $30K, etc). How much do they intend to put down on the deal and what is the source of those funds?
Make sure that you put your personal passion and expertise into your project overview action step. When you correctly prepare your SBA Loan request then you are a step ahead of your broker or lender, you are in the driver's seat. Do your own market examination locally and online, obtain your facts and comparable industry success stories together. Get people excited to work on your loan application and make sure you think like an underwriter. Take ACTION on your project overview and then you will be on your way to a quick SBA Loan approval.
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