Looking For a Small Business Loan?
Look No Further...
I have been through the hurdles of obtaining small business funding from a variety of sources over the past several decades. Many fellow business owners who found out about my success in obtaining business loans started to ask me for recommendations. Addtionally, I had many clients who needed help with business funding.
Based on the need, I began to advise clients and offer workshops on the topic of small business lending. I have also developed relationships with several lenders to help those in need of small business funding and I offer complementary consulting to help small business owners understand their options and connect them with the best lender for their situation.
There are essentially two types of loans I now help small business owners & entrepreneurs obtain:
1. SBA Loans. These are loans for small business owners that have higher credit scores and therefore they get the best interest rates. I found my SBA lending resource after being turned down for an SBA loan and continuig my research. I was able to get a $50,000 SBA loan in a much shorter time than it took the first bank to turn me down. I now work with this lender exclusively as an SBA lender for my clients.
Here are the basic requirements for an SBA loan:
• Minimum 2 Years in Business
• Business Must Be a For Profit Business
• Owners with Greater Than 20% Equity Cannot Have Criminal Background
• Owners with Greater Than 20% Equity Must Be US Citizens or Permanent Residents
• Must Have Minimum FICO (Credit) Score of 600 (675 for loans > $150k)
• No Bankruptcy in the Past 3 Years
• No Foreclosure in the Past 3 Years
• No Current Tax Liens (Making Payments on Tax Liabilities Does Not Exclude You)
• Preapprovals within 24 hours
• Funding is possible within as fast as one week assuming all goes well (mine took about 6 weeks to fund.)
• 10 year term
• Requires lots of paperwork (your accountant and your insurance agent will be a huge asset here)
SBA Loan amounts range from $30,000 to $350,000 and the amount depends upon personal / business credit and business income.
2. Non Bank Small Business Loans. These are the most common small business loans that business owners are able to qualify for in the shortest amount of time. I had several of these loans before getting my SBA Loan and the upside is that they help to build your business credit.
Here are the basic requirements for these loans:
• Minimum $10,000 per month in business income (or $100,000 over the past year)
• Minimum 4 deposits per month into your business bank account
• Minimum 500 FICO (credit) score
• A business bank account
• Less than 3 NSF’s or days below zero (per month)
• Minimum 4 months in business
• Not on the restricted business list (Includes financial, travel, pawn, gun, and adult related businesses as well as a few others. We can discuss when on the phone to make sure your business is not on the list.)
• Must be at least 50% owner of the business.
• These loans are between $10,000 and $500,000 depending on business income and personal / business credit.
• Decisions within 3 days of receiving loan application
• Funding as quick as one week
• 6 - 18 months term (daily payback on banking pays only = no large monthly payments)
• Minimal paperwork required (bank statements, tax returns, etc.)
For all loans, the business and business owner must be based in the US.
Even if you don't meet the qualifications, let's have a chat.
If you have any questions about small business financing, please set up a complementary consultation with me by using this link: http://www.AnthonyKirlew.com/call
I look forward to serving you!
Small Business Coach & Advisor