What You Need to Take to the Lender
Documentation requirements may vary; contact your lender for the information you must supply. Common requirements include the following:
What the SBA Looks for:
Special Loan Guaranty Programs 7(a) Program
There are a number of special loan guaranty programs under the 7(a) program that address specific needs of startup or established businesses. They are governed, for the most part, by the same rules, regulations, fees, interest rates, etc., as the regular 7(a) loan guaranty. Your lender can advise you of any variations.
Low Documentation Loan (LowDoc)
LowDoc is one of SBA’s most popular programs. Once you have met your lender’s requirements for credit, LowDoc offers a simple, one-page SBA application form and rapid turnaround on approvals for loans up to $150,000 (for loans over $50,000, you must also provide a copy of U.S. Income Tax Schedule C or the front page of the corporate or partnership returns for the past three years). The SBA will guarantee up to 85 percent of the loan amount. Completed applications are processed quickly by the SBA, usually within two or three business days. Proceeds may not be used to repay certain types of existing debt. Business start-ups, as well as businesses with average annual sales for the past three years not exceeding $5 million and with 100 or fewer employees, including affiliates, are eligible.
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