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8. The procedure in seeking a loan from the Small Business Administration is fairly elaborate. What is the usual sequence for this process?

Posted Aug 26 2019

Answered on Aug 29 2019
Small business administrators' primary program is to help start-up and existing small businesses with financing guaranteed for a variety of general business purposes. The procedure in seeking a loan from the Small Business Administration is explained as follows: 1) To begin the process, you will need to complete an SBA loan application form. Access the latest form from: Borrower Information Form -SBA Form 1919. 2) TO assess your eligiblity the SBA also requires to complete the following forms: a) Statement of Personal History. b) Personal Financial Statement. 3) To support your appliation and show your ability to repay the loan prepare and include the following financial statements: a) Profit and loss Statement: This must be current within 180 days of your application. Include additional schedules from the last three financial years. b) Projected Financial Statements: Inculcate a detailed one-year projection of income and finances and provide a written explanation of how you expect this projection. 4) Include a list of names and addresses of any subsidiaries and affilates, including interest in which you hold a controlling interest and other concerns that may be affilated by stock ownershi, franchise, propsed mergeror otherwise with you. 5) Your original business license or certificate of doing business. If your business is a corporation, stamp your seal on SBA corporate loan. 6) Include records of any loans you may have applied for in the past. 7) Include signed personal and business federal income tax returns of your business principals for previous three years. 8) Include personal resumes for each principals. 9) Provide a brief history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the company. 10) Include a copy of your business lease, or note from your landlord, giving terms of your proposed lease. 11) If you are purchasing an existing business,the following information is needed: a) Current balancesheet and P & L of the business to be purchased. b) Federal income tax returns of the business two years earlier. c) Proposed bill of sale including sales terms. d) Asking price with schedule of inventory, machinery and equipment, furniture & Fixtures.

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