Finance-Perso

How To Get An SBA Business Loan

0:04you have written in and we are listening we get questioned
0:07every week about how to get a business loan so in todays consultant corner
0:11were going to ask could you ask Matt William anger
0:14hes a regional administrator of the Small Business Administration
0:17overseeing the agencys financial assistance and business development
0:21programs well thanks for coming on the show
0:23thank you very much for stop lets clarify the FBI does not give loans they
0:26guarantee loans thats correct we do not make grants
0:29we guarantee loans so where do you go of your small business person to get a loan
0:33well will you go to a bank or a non-bank lender I could be a credit union
0:37I usually so when you have some relationship with but you know you can
0:40walk into any other major banks
0:42I and smaller regional banks and get a a guarantee loans from the SBA that you
0:47can grow your business anyone can do this
0:49and many are entire audience right absolutely its available to anybody
0:52Wednesday 20 is the range how small can your actually no minimum
0:56but the it goes up to two million dollars so thats a sizable
0:59amount of money that you can get guaranteed by the federal government
1:01okay so lets just say
1:03now I know where to go I know how much Im looking for going to the bank what
1:06do I need to bring
1:07really the most important thing and we tell everybody this
1:10is a sound business plan with at least projections after three years now the
1:14bank is only in a focus really in the first year
1:16but they do want to see three your projections and a sound business plan
1:20that you know exactly what youre getting into what its all about and and
1:23they wanted you to be successful
1:24do they want to know that you have experience do they want to see
1:26references they do they want to see that you have some
1:29knowledge on the field youre entering into and some experience would certainly
1:32be
1:32be at you know essential if you want to start a restaurant for example
1:35would be great if you had some past history job job
1:39in a restaurant working in any capacity but just you have a
1:42dont fully ready with that industry rather than someone just coming into an
1:45it had been you business call
1:46okay the second thing you say is make sure you gone with a good credit score
1:49yeah and you know its almost like when you buy a house you you its better to
1:52know what your credit score is before the bank tells you you know like a crash
1:55course to or not be able to do this way
1:57but you know so thats very easy to get your credit score and just know what
2:00that is because certainly be a banks are not gonna be happy if youve got a $500
2:04credit score
2:04they were sealed something over higher for people who dont know where to find
2:07out how to get your credit score
2:08you can do that online actually theres even now once a year for free
2:12go online and get your credit score okay and if you have a poor credit score you
2:16should fix that before
2:17you do you have to you have to be really picture credit and sometimes it just
2:20means we know waiting a little time in making sure you may call your payments
2:22on time
2:23you know a credit cards and and payments that you have and that can correct it
2:27and then youll be youll be fine
2:28okay and last 12 years of tax returns you should bring those in with you
2:31well you know the bank and yes beer gonna ask to see to your tax return so
2:35if you want to go when you want to expedite the process as quickly as
2:38possible
2:38its great to be able to walk in with those two years tax returns right to up
2:41front
2:42and you wont have to go back and get them and come back again and how long
2:45term us a big load for
2:46these loans I really can go all the way up to 20 your lonesome hofer fixed
2:51assets
2:51but tell you know most of our loans to 7a loans we do for every everything
2:54including working capital
2:56so it really any term but up to 20 years for fixed
2:59okay perfect I dont think so much a concurrent program preciate

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