Would you like to get approved for a low interest rate long term high dollar amount SBA loan well
I'm about to reveal to you everything you need to know to get an SBA loan to start and grow
your business so during this training I'm going to teach you about over 10 types of SBA loans you can
get now I'm going to show you how to get an SBA loan even if you're just starting your business
I'm going to show you the exact qualifications SBA has that you need to meet in order to get
approved we're even going to look at the secret credit score that SBA uses to approve you and
I'm going to teach you exactly what you need to do to get a high score so you can make sure that you
have the best chance of getting approved I'm going to teach you how to get a lot of money
with really low payments teach you how to get approved even if you don't think you can qualify
for now and I'm also going to get you access to our funding vault if you stick around at the end
of this training with 27 other ways that you're able to get money for your business and along
the way through this training I'm going to speak sprinkle in my best tips my best tactics to help
you get the most money at the best terms that's a lot to cover let's dive in and get started.
SBA loans are the most coveted type of loan a business owner can get, and there's a reason
for that because the terms are long 15, 20 years sometimes even longer the interest
rates are low. So what that means is it means you can get a really low payment on a loan
and because interest rates are low you can also get a really low payment on a credit line as well.
Now SBA does not lend money a lot of people think SBA does but typically most money except for one
program we'll talk about during this training comes from the big banks so Bank of America,
Wells Fargo, Chase they're the ones that actually issue loans and SBA guarantees those loans in
case of default, so let me give you an example let's say you get a hundred thousand dollar loan from
Bank of America, well first of all Bank of America wouldn't even lend you the money because it's so
risky to lend small business owners money, unless they actually had that money secured or guaranteed
by SBA. So Bank of America gives you the loan they know SBA is guaranteeing let's say
70% of the loan. Well if you ever default on that $100,000 loan, SBA would
then give Bank of America 70% or 70,000 of that $100,000.
So this makes it very low risk for these big banks to lend you money and that's why it's
even available for you to get money from the big banks, now there's 3 main types of SBA loans
you need to know about we're going to cover all of them in this training. The first is called 7(a) the
most popular and common type of SBA loan there's actually 9 types of 7(a) loans we're going
to dive in to talk about.There's a 504 loan we'll talk about that too as a very specific purpose and
there are micro loans you can get even as a new business. I mean most entrepreneurs don't even
know anything about micro loans. So let's dive in and get started by talking about 7(a) loans. SBA
7(a) loans are the most common and popular type of SBA loan, the reason for that is is that they're
used for working capital. Now working capital just means that you can use them for like any purpose
you can use them for hiring you can use them for payroll you can use them for marketing or
expansion. Most business purposes you can use an SBA loan for. Now there's actually 9 different kinds
of SBA 7(a) loans most business owners don't even know about like 7 of these 9 so let's dive into
them. So first of all you have like a standard SBA 7(a) loan. This is a loan you can get up to
$5 million. Now they also have what's called a small loan which is a loan that you can get up
to $350,000 and they also have what's called the SBA express and this is a loan you can actually
get from SBA in as little as 72 hours. So in 3 days you can get this loan, and it also goes up to
$350,000 now you can also get loan if you're in the exporting business there's two different
types of financing SBA offers for exporting one's up to $5 million one's up to a
half a million dollars there's another type of SBA financing you can get for international business
international trade. So if you're doing business internationally that might be the program for you
they also have a preferred program which is only available through their preferred lenders and you
can also get SBA CAP Lines and this is what they call their umbrella credit line program
and there's 4 different types of CAP Lines you can get, so let's dive into those right now.
CAP Lines is the name that SBA gives to their credit lines and it's all basically under
like one umbrella program that these 4 different types of credit lines are under.
So first of all we look at a seasonal line, now this is for seasonal businesses and it's basically
designed to help you pay expenses like in your down season when sales are slower. Then you
have a contract line and that really has to do with paying the finances and the actual direct
labor costs for assignable contracts there's a builder's line as well and that's really for
construction companies and builders that are basically paying like
contractors, and subcontractors then there's a working line and this is what's used for
most small business owners because it's just working capital, again as we talked about that
means you could use it for most general purposes. So those are the 4 common credit lines that
SBA offers and then the last type of financing under the 7(a) program is veterans program and
it's specifically designed for military veterans for active duty military veterans and spouses
of active duty and military veterans as well as reservists. So those are the 9
programs and the 4 credit lines it's under one of those 9 categories of SBA 7(a) loans. Now
let's talk about outside of 7(a) loans let's talk about the next program that's most popular
with SBA which are called 504 loans. The second type of financing SBA offers and also the second
most popular type are called 504 loans. Now these are specifically designed for the purchase or
refinance of fixed assets. Now per SBA fixed assets include things like land or buildings whether
it be an existing building or a new facility you're putting together it can also include machinery and
equipment it can also include like landscaping and streets and parking lots and utilities. So if you
have a fixed asset or looking to buy or refinance that's exactly what sba 504 loans will do for you.
Now let's take a dive into the third and last and little known about type of SBA funding which
are called Micro loans. Now Micro loans are offered through SBA intermediaries and these are
basically a non-profit organizations that offer them there's a reason the big banks don't want to because
they can't make any money on them. Micro loans are just what they sound like they're small business
loans as a matter of fact they're typically capped at about $50,000 or less and because the interest
rate's so low and then loan amounts so small big banks really can't make a lot of money on these.
So they're offered through these non-profit intermediaries that you can get approved with.
Now you don't have to have great credits get approved and even as a newer business you can
still get micro loans and this is a program that most entrepreneurs don't even realize
that SBA offers because they're offered through those intermediaries and they're not available
through the big banks that you typically may go to. So now you know about the 3
main types of SBA loans that will give you low interest rates, long terms, and really low payments,
and can get you funding as high as $5 million. Now that you know about SBA's loan program
so let's talk a little bit more about exactly what it takes to get approved. So there's 3 main
things that SBA is looking at to approve you for an SBA loan. The first is credit they want you to
have good personal credit ,typically, 680-700 FICO scores are higher and you need to have established
business credit. To qualify for an SBA loan they will pull a FICO SBSS score, a FICO small business
score and SBSS pulls in consumer and commercial credit into one score. Now the great news is even
if your consumer credit's not great but your business credit is established and it's good
they typically weigh business credit higher into the FICO SBSS score equation than consumer credit.
So having really good business credit can help offset your consumer credit not being as good.
Now the other thing that SBA wants you to have is consistent income or consistent revenue in the
business. They're going to get 3 years worth of tax returns they're going to want to see that
your income or your revenue is climbing year after year. They're also going to want to see that it's
actually showing some kind of profit, you've got some kind of profit on those tax returns. And the
third and final piece is they typically want you to have an asset that you can pledge as collateral
that's equal to the loan amount, the amount that you're borrowing or more. So a lot of things can
work account receivables, equipment, inventory, they'll even look at personal assets like their
homes, stocks, bonds, or IRA's but the important thing is that they're going to want an asset or
assets that are equal to the amount you're borrowing or more if you have those three things
collateral if you have the cash flow and good personal credit, you can qualify for SBA financing.
Now that you know about SBA loans you want to take the steps to get approved or maybe you heard
the qualifications and don't think there's a good chance that you're going to qualify now. Well let me
give you a couple options and solutions to make sure you can get the money that you need. First of
all make sure you contact us for a free business credit funding consultation on that consultation we'll help you
help you get your credit reports with the business credit reporting agencies at no cost they'll cost you
$249 from Dun& Bradstreet, Equifax, Experian but if you schedule a consultation with us we'll
get them for you for free we'll give you tips and tactics to help you establish your business credit,
now we'll also do a fundability assessment we'll look at all the things that are wrong with your
fundability that need to be fixed so you can get the most money for your business and we'll do
a funding qualification for you so we'll talk to you about qualifying for an SBA loan and all types
of other solutions that can work for you that are way easier to get approved for than SBA loans and
credit lines so to schedule that consultation give us a call at 877-600-2487 that's 877-600-2487
you can email us info@creditsuite.com or you can schedule your consult online at creditsuite.com/
consult and don't forget to grab our funding vault of 27 total ways you can get
money for your business all of which are way easier to qualify for than SBA financing you can
grab that at creditsuite.com /27ways that's credit suite.com/ the number 27
ways and if you like this then please like and subscribe to get more training from us
on cool ways to get the most money at the best terms to start and grow your business.