I will post my experiences dealing with the SBA. For the record I have NOT secured an SBA loan in the past.
For starters, you're going to need a very refined and up-to-date business plan. This is a no-brainer to most, especially HN readers but my banker told me I would be surprised about how many people shuffle in for an SBA loan with no biz plan.
The way the SBA loan works is that you have to find a lender in your area that will agree to lend you the money after they do a financial screening and feel you are worth the risk of the loan.
After that, the only involvement the SBA has in the process is they guarantee the loan that you receive from the bank. They do not disperse any of the money.
After the bank approves you, and the SBA agrees to back your loan (which can take several months), then the money is released to you via the bank.
Sadly this process was too lengthly to me so I just resorted to using an Amex Business card to get me running in the time-frame I needed. :)
That's all I know from the process. I hope this might help some folks in the future
For starters, you're going to need a very refined and up-to-date business plan. This is a no-brainer to most, especially HN readers but my banker told me I would be surprised about how many people shuffle in for an SBA loan with no biz plan.
The way the SBA loan works is that you have to find a lender in your area that will agree to lend you the money after they do a financial screening and feel you are worth the risk of the loan.
After that, the only involvement the SBA has in the process is they guarantee the loan that you receive from the bank. They do not disperse any of the money.
After the bank approves you, and the SBA agrees to back your loan (which can take several months), then the money is released to you via the bank.
Sadly this process was too lengthly to me so I just resorted to using an Amex Business card to get me running in the time-frame I needed. :)
That's all I know from the process. I hope this might help some folks in the future