
SBA Loan Preparation
Turning SBA Loan Applications into Success
When applying for a SBA loan, you will have to put your best foot forward and act fast.
This can be challenging for business owners unfamiliar with the paperwork and application process.
We’re here to simplify this process (and we’ll get it done in UNDER TWO WEEKS!)
We’ll work with you, and your prospective loan provider to:
- Obtain a full understanding of what you need Gather and build the financials you need
- Put a compelling business plan together
- Help you complete the seemingly endless forms
…and turn this from a “chore” to the best investment you ever made.
SBA Loan Preparation - Service Detail
Applying for a SBA 7(a) loan involves several key tasks.
Below are the key requirements in most cases, and they can be daunting. In reality, 50% of your success potential is based on your financial standing and purpose for the loan. (i.e. the numbers) the other 50% is about YOU, how you express your plans, skill, and stewardship of the money.
This is where we come in.
Whether or not you have a lender selected (we can help with that if you don’t!), we put your best foot forward with a substantive real-world business plan (written for you!) and key financial statements and forecasts. We can also help in completing the paperwork to maximize your chance of success.
Here are the major steps we help you understand and complete. These steps encompass the major tasks involved in applying for an SBA 7(a) loan, from determining eligibility to post-approval requirements.
1. Determine Eligibility
•Check Eligibility Criteria: Ensure that your business meets the SBA’s eligibility requirements, which include being a for-profit business, operating in the U.S., and meeting the SBA’s size standards.
•Purpose of Loan: Confirm that the loan will be used for eligible purposes such as working capital, equipment purchase, real estate acquisition, or refinancing debt for compelling reasons.
2. Prepare Documentation
•Business Plan: Prepare a comprehensive business plan that outlines your business model, market analysis, and financial projections.
•Financial Statements: Gather financial statements, including profit and loss statements, balance sheets, and cash flow statements for the past three years.
•Tax Returns: Collect personal and business tax returns for the past three years.
•Personal Financial Statement: Prepare a personal financial statement for each principal owning 20% or more of the business.
•Resumes: Include resumes of key management personnel.
•Ownership and Affiliations: Provide a list of any affiliates or subsidiaries.
•Business Licenses: Ensure all business licenses and registrations are current.
3. Select a Lender
•Find an SBA-Approved Lender: Research and select a lender that is approved by the SBA to issue 7(a) loans.
•Meet with Lenders: Schedule meetings with potential lenders to discuss your loan needs and gather information on their specific requirements and processes.
4. Complete the Application
•SBA Form 1919: Fill out the SBA Borrower Information Form (SBA Form 1919).
•Lender-Specific Forms: Complete any additional forms required by the lender.
•Submit Documentation: Provide the lender with all the necessary documentation and forms.
5. Underwriting and Approval
•Lender Review: The lender will review your application, financial documents, and business plan.
•Credit Check: The lender will perform a credit check on the business and its principals.
•Collateral Evaluation: If collateral is required, the lender will evaluate its value.
•Loan Committee Review: The lender’s loan committee will review and decide on the loan application.
•SBA Review: The application may also be reviewed by the SBA for final approval.
6. Loan Closing
•Sign Loan Agreement: Once approved, sign the loan agreement and other closing documents.
•Disbursement: The loan funds will be disbursed according to the terms agreed upon with the lender.
7. Post-Approval Requirements
•Ongoing Reporting: Comply with any ongoing reporting requirements, such as providing regular financial statements to the lender.
•Loan Repayment: Make timely payments according to the loan terms.
•Use of Funds: Ensure that the loan funds are used strictly for the purposes outlined in the loan agreement.
Why Choose Stoneforge for Your SBA Loan Preparation?
There are a few companies out there that claim to assist with SBA loan preparation, but not all of them can deliver the outstanding results that Stoneforge Consulting Group can. Our team of experienced professionals will work closely with you every step of the way to make sure you get the financing you need to grow your business. Here are just a few reasons why you should choose us:
- Proven: Our track record speaks for itself. We have helped countless businesses secure SBA loans and achieve their goals.
- Expert: Our team of financial experts has years of experience navigating the complex world of SBA loans. We know what it takes to get your loan approved.
- Tailored: We understand that every business is different, which is why we take a personalized approach to loan preparation. We'll work with you to create an application pack and business plan that meets your unique needs.
The Stoneforge Difference
The way we work
Everything we do is centered around delivering long-term business-impacting results with you. Our proprietary framework underpins our journey together in a way that allows you to pinpoint and track progress on the journey. This underpins all of our disciplines: