Guam Small Business Administration Loan Application Form and Checklist
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How to fill out Small Business Administration Loan Application Form And Checklist?
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The SBA Checklist Borrower Information Form. Personal Background and Financial Statement. Business Financial Statements. Business Certificate/License. Loan Application History. Income Tax Returns. Resumes. Business Overview and History.
Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose.
SBA Express It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.
Generally, you should have a minimum credit score of 650, strong cash flow and at least two years in business to qualify for an SBA Express loan. You'll also have to meet the SBA's standard eligibility criteria and demonstrate your need for financing.
Both your personal and business credit reports, income tax returns and bank statements will be reviewed. You'll also need to provide business financial statements, including a profit and loss statement, cash flow and balance sheet and a complete accounting of all business debt and creditors.
In most cases, SBA loans require at least one owner or stakeholder to sign an unlimited personal guarantee on their loan. However, lenders may ask that other individuals involved in the company's ownership or who have an important say in the business's operations sign a personal guarantee as well.