The Ultimate SBA 7a Loan Application Checklist
General small business SBA 7a loans require a certain mixture of documentation and action to secure. The loan is not given directly by SBA. You will need to apply through a lender and the lender will in turn, submit to SBA. You will want to ensure, however, that the proper steps are being taken so that the loan decision process is not delayed.
To begin, you will need to complete and submit an official SBA loan application form. Make sure that you have the most current version so that there aren’t any delays in securing your SBA 7a loan. From there, you will need to explain a little bit more about yourself and your finances. There are two pieces to this component. You will need to complete and submit a statement of personal history. You will also need to submit a personal financial statement. This will give the loan administrator the necessary personal information about you to make a decision.
To demonstrate to the SBA 7a loan administrator your business acumen and ability to support yourself financially, you will also need to submit a few business documents. A profit and loss statement from the last 3 years should be included within these financial statements. Also what must be included is a one year projection of finances. You’ll also need to explain how you hope to achieve those numbers. You will also need to disclose any ownership and affiliations that you are a part of or that you hold interest in currently.
You will need to submit your original business certificate or license. If you’re a corporation, you will need to submit your application with your stamped corporate seal on the SBA 7a loan application form. Along with this, you will need to submit your loan application history as well as your income tax returns. Please note that your tax returns must include both personal and business versions for the past 3 years.
Each principal will need to submit a personal resume of his or her past business experience. Also mandatory is an explanation of the history of the business. You will need to explain why the loan is needed and how it will help the business. You will also need to provide a copy of your business lease.
If you are purchasing an existing business, you will need to provide a variety of items: a P&L statement and balance sheet; the last two years of tax returns; a proposed bill of sale; and finally, the asking price with an explanation of expenses. By obtaining and submitting the items above, you will ensure that your SBA7a loan submission will not be delayed.