Required documents for Small Business Loan (SBA)

By
Real Estate Agent

 

The following documents are needed when applying for an SBA loan: 

-3 years of business and personal tax return (some only requires 2 years) 

-Personal financial statement

-Credit report (some banks don't require this, have bank pull it to prevent drop in score)

-Two years of income projection

-Executive Summary 

-Pictures of property (required by distant lenders)

-Appraisal value

-Title report/copy of insurance or property tax

 

Comments (4)

KC Coonc
Windermere Real Estate/Whatcom, Inc. - Bellingham, WA
Bellingham Commercial Real Estate
I have been involved in SBA insured loans before. You need a business plan and a lot of luck too.
Oct 10, 2007 03:50 PM
Nga Nguyen
Milpitas, CA

Why do you say luck ? is the business projection not profitable ? I think if this business is good, it should not involve luck but merely a "yes, you are approved"

True, SBA lenders require executive summary and after the LOI, they ask for a business plan which is very time consumingly when owners do not know how to prepare one. Do you prepare this for your client ? 

 

Oct 10, 2007 03:57 PM
Anonymous
Ella
Hi,
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Oct 18, 2007 09:54 PM
#3