Small Business Loan
Can You Qualify for an SBA Loan?
Most small business owners look at a small business loan as something they would love to qualify for. They know that SBA financing offers some of the lowest interest rates and most comfortable terms possible. There must be a catch, right? Actually, qualifying for small business loans isn’t difficult when you work with our friendly team at Big Mountain Capital. This is because the Small Business Administration wants companies to succeed, and we’re happy to help your business grow.
What Are the Requirements for a Small Business Loan?
The specific requirements depend on the type of loan you’re looking for and how much capital you need. For example, a microloan, or working capital loan, is typically easier to qualify for than a huge loan for complete acquisition of an existing business. Even with these larger loans, however, the requirements are usually well within reach of small business owners. Here’s what we look for:
- Proof that your company is a small business
- Good business management skills
- Consistent cash flow
- Commitment on the part of the owner
If you’re passionate about your company and you have a good relationship with your customers, it’s not difficult to qualify for SBA financing. The SBA does have some requirements regarding financial documents, but balance sheets and tax documents are something most small businesses manage regularly.
What Are the Benefits of a Small Business Loan?
Once you’re approved for SBA financing, you can use the capital for countless business needs. This type of loan can help your company expand like never before. Here are a few options:
- Buy a new commercial building
- Acquire a new location/business
- Expand your existing building
- Upgrade your business equipment
- Buy heavy machinery
- Invest in new payment systems
- Increase production equipment or repair tools
What Are Needed to consider a SBA Loan request?
- Project Cost Breakdown
- 3 years Business Tax Returns
- Interim Financials (P&L Statement and Balance Sheet – no more than 90 days old)
- Business Debt Schedule
Personal (anyone who owns 20%+)
- 3 years Personal Tax Returns
- Personal Financial Statement
- Credit Score
With large loan amounts, low interest and lengthy terms, small business loans are an amazing and comfortable option for healthy financial growth. To get started, contact us right away.