SBA Loans: Getting Faster Funding
For many small business owners, the thought of getting a loan from the Small Business Administration is daunting. They are under the impression that the application process will be filled with headaches, setbacks and obstacles. However, SBA loans do not have to be fear-inducing. There are some ways to make the process easier and get funding faster. What steps can a business take to facilitate a fast and headache-free application?
Have Detailed, Up-To-Date Paperwork
From the start of the application process to the finish the best way to get faster funding is to provide detailed, up-to-date paperwork. This means advance preparation and forethought are required, starting years ahead. Ideally, begin keeping tax returns, sales projections, balance sheets income and cash-flow documents at least three years in advance. These documents will be invaluable during the application process along with a detailed business plan. The idea is to show that the business is low risk and will have the capability to pay back the SBA loans, if approved.
Research Lenders
Many businesses tend to gloss over the extremely important step of researching lenders, but this can save time and frustration in the long run. A business will be able to get funding faster if it begins working with a lender that is well versed in SBA lending rules and regulations. It is also helpful in expediting the process if the business works with an SBA preferred institution that will be able to underwrite the loan in house. When researching lenders it would behoove the business to make sure that the lender they choose will work with businesses within the same industry. Many lenders are hesitant to work with businesses that have higher than average risk, such as restaurants or startups. If that is the case, then it is best to find out at the beginning of the process in order to save time. Extensive research may be necessary because it is often advisable to apply with more than one financial institution. This may seem as if it will lengthen the process when in actuality the opposite is true.
Get Assistance, If Necessary
Some business owners may not want to navigate the application process for SBA loans alone. If that is the case then getting assistance is recommended. A business advisor with experience in SBA lending can help gather paperwork, find potential lenders and complete the application. The guidance of someone with experience can help the procedure move quickly and efficiently.
Contact Trihawk Capital if you need assistance with a SBA Loan today.
