Owning or starting a business can be challenging when capital resources are low or non-existent. Some institutions offer business loans to help get a company off the ground or in a better financial position to do business. One such company is The Small Business Administration (SBA). However, getting approved can be a lengthy process. It requires a lot of planning and attention to detail.
The YouTube video “SBA 7A loans: How to get approved” helps viewers through the process.
Requirements for a SBA Loan
Any loan requires good credit. It’s not different for SBA loan approval. To get an SBA loan, a candidate has to have strong credit. Before applying for a loan, it’s best to strengthen your credit score. Candidates should aim for a score of 680 or higher. The second requirement is a strong business plan. There are many templates for business plans online. A candidate can copy and paste details into an existing plan. To strengthen your position, it might be best to get a professional business plan developer and sit down with the developer to design a business plan. Additional requirements include financial statements, collateral, experience, and meeting eligibility requirements.
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