Here's a little FYI on the SBA so if you have any questions call me A.S.A.P:-)
Welcome to a brief insight about SBA Lending, through the eyes of my investors. The Small Business Administration helps individuals purchase or grow small businesses which can help the growth of communities and revamp the local economy. We all know that we could sure use a bit more of that going round. I was excited when we partnered up awhile back with our Investors to be able to provide this service to our past, present, & future clients. Plus, it's a good thing to be able to help the growth of local communities by providing financing for businesses of many types and sizes.
We have been partnered with one of America's leading providers of US Small Business Administration (SBA) Guaranteed Loans that proudly hold National Preferred SBA Lender status. Together, we have established a pretty rich history of working with small businesses and our SBA Lending Program reflects our commitment to entrepreneurs. Hey, that's the backbone of what has made capitalism cool work.....small business!
Conveniently located right smack dab in the Lehigh Valley, we deal with Investors who are experienced community lenders and take the time to understand your lending needs. First Choice Equity Group Inc. offers an array of credit products that can be customized to fit your business goals, whether you are a current business owner or want to start up one.
What forms of business are eligible for SBA financing?
Proprietors, partnerships, corporations, and limited liability corporations are eligible for SBA financing.
What forms of business are not eligible for SBA financing?
The types of businesses that are never eligible for SBA financing are businesses that involve the following:
· Speculation
· Lending or investing
· Religious group
· Non-profit group
· Monopoly
· Illegal activity
· Persons on probation or parole
(They say never say never, so perhaps I should just say....not right now:-)
What type of financing is available?
The SBA will provide financing for businesses to purchase, expand, or construct business real estate. Purchases of machinery, equipment, and inventory are also funded through the SBA. In some instances, the SBA will help finance working capital, seasonal lines of credit, contract lines and/or working capital lines. Further, the SBA may allow financing to business owners to repay existing outstanding short-term credit or unfavorable term debts. Heck, there's a whole lot that the SBA can do that can help people become or continue to grow their small business.
What schedule is available for paybacks?
The typical SBA terms as of now are:
· Real estate - 25 years
· Equipment, machinery, furniture, fixtures - 15 years (depending on useful life)
· Working capital - 07 years
What information is required to apply for an SBA loan?
1. Last three years of personal tax returns on all owners (of 20% or more).
2. Last three years of all business tax returns (if in business that long).
3. Last three years of accountant prepared financial statements, if available.
4. Interim financial information, no older than 90 days, including a balance sheet
and profit and loss statement (may be internally prepared).
5. Brief narrative on the business, including a list of requested use of proceeds.
6. Bio/resume on all principals.
If a start-up (less than two years' tax returns), a full business plan must be
submitted, including three years' cash flow projections, three years' projected
profit and loss statements, and a projected start up balance sheet.*
This is a great lending tool for small businesses folks! Take advantage of it and grow your business...and our economy.
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