If you are set on working with your local bank, here is a set of 10 questions from industry insiders that you must ask your bank before committing to the SBA loan application process with them:
1.What percentage of applicants get a loan after starting the application process with you?
2.How many other businesses have you had experience working with in the industry I am pursuing?
3.Are you the one who makes the final loan approval decision? If not, can I get a pre-qualification directly from a credit decision maker?
4.How many SBA loans have you personally closed and funded?
5.Can you give me some recent referrals of clients you worked with?
6.What was the bank’s SBA loan volume in the last SBA fiscal year?What is the bank’s average SBA loan size?
7.How can I be sure that I get the best terms possible if I only submit my loan to you?
8.Do you do a hard-pull of my credit score for pre-qualifications? When is the hard pull done?
9.Will I have “restrictive covenants” in my loan agreement and will I be required to have my business deposit accounts at your bank? Will I be required to have personal accounts with your bank?
10.Will I be able to keep my business credit card accounts open?
YourSBA.com vs Your Bank
Why are we 5x more successful than your local bank?
YourSBA.com was founded to tackle some of the toughest challenges that come with trying to get SBA financing through a bank: piles of paperwork, vague answers, false promises, and lengthy waits, only to find out you won’t be getting the loan you were initially promised and pre-qualified for. At YourSBA.com, we have made significant changes that allow us to be over 95% successful in securing our clients’ loans, compared to the 15% success rate of a bank.
We discussed in detail the difference between applying for an SBA loan with your loan bank compared to applying with YourSBA.com, but here is a brief summary:
•A typical bank has about a 15% success rate after initial pre-qualification for a number of reasons:•banks freely give out pre-qualifications in order to get you off the streets,
•the person issuing the pre-qualification is not the credit decision maker,
•banks have very limited credit boxes,
•and banks leave it to you to prepare your application and convince them to lend to you.
•In contrast, YourSBA.com has made a number of changes that allow us to be nearly 100% successful in securing our clients’ loans after initial pre-qualification:•we only pre-qualify something if we are very confident in our ability to get it done,
•we only work directly with credit decision makers,
•we have partnerships and access to many different credit boxes,
•and we spend a lot of time elegantly preparing your application.
HOW DO I GET STARTED?
YourSBA.com offers a suite of loan calculators for SBA loans and other funding sources here. You can automatically estimate your down payment requirement, monthly loan payments, SBA borrowing limit, and more.
See if you qualify for an SBA loan by taking just a few minutes to give us some basic information here. The pre-approval process takes less than one day and does not require a hard credit pull.
Start-Up Financing | SBA Loans | Unsecured EIN Business Credit Building Tradelines Bad Credit Lines
Thursday, December 20, 2018
Tuesday, December 18, 2018
Don't Delay Building Business Credit Scores and Getting Business Financing Underway
What stage is your business in? Just Starting? Existing? Buying a Business?
Just Starting a Business... Then building business credit is perfect for you. It's critical for newer businesses to have access to credit and capital. Inside our system you will be able to start out on the right foot and give your new business every financial advantage. Simply enroll to get started.
Have an Existing Business... Even if you've been in business for 10 years you may not have a business credit profile! Whether you do or not, our system will instantly show you the current status of your business credit profile and then quickly walk you through the next steps to either establish, optimize or fix it.
Buying a Business or Franchise... If you are buying a business you should first form a new entity for the purchase. Legal formations partner can help! Then you'll want the new business to have strong business credit scores so that once your sale closes, you are ready to jump right in.
Build strong business credit scores the fastest possible way with all three agencies and make thousands of dollars in credit available to your business!
For lenders to approve you there are 20 compliance items that need to be completed first. Your business must have completed all 20 compliance items before lenders can approve your business financing request.
Lenders want your business to have open files and good scores with all 3 national reporting agencies. Your business must have a file open with all three national business credit agencies; Experian Smart Business Reports, Equifax Small Business Financial Exchange and Dun & Bradstreet. We get them set-up fast.
Your business must have 5 vendor lines of credit that report credit history. There are over 500,000 vendors extending credit, but only 6,000 that report to the business credit agencies. You can obtain thousands of dollars in vendor credit lines, not based on your personal credit.
Your business must have 3 business credit cards that report. There are over 500 business credit cards, but only 40 will issue a card without using your social security #. You can get approved for thousands of dollars in business credit cards that do not appear on personal credit reports.
Once you have built strong business credit scores you can access much more financing. We show how to get approved for your first business bank loan. A reporting bank loan puts your business "on the map" as far as every other business lender is concerned. Then hundreds of thousands in business finance and lending starts to become available: vehicle financing, equipment leases, and true business loans and lines of credit.
Just Starting a Business... Then building business credit is perfect for you. It's critical for newer businesses to have access to credit and capital. Inside our system you will be able to start out on the right foot and give your new business every financial advantage. Simply enroll to get started.
Have an Existing Business... Even if you've been in business for 10 years you may not have a business credit profile! Whether you do or not, our system will instantly show you the current status of your business credit profile and then quickly walk you through the next steps to either establish, optimize or fix it.
Buying a Business or Franchise... If you are buying a business you should first form a new entity for the purchase. Legal formations partner can help! Then you'll want the new business to have strong business credit scores so that once your sale closes, you are ready to jump right in.
Build strong business credit scores the fastest possible way with all three agencies and make thousands of dollars in credit available to your business!
For lenders to approve you there are 20 compliance items that need to be completed first. Your business must have completed all 20 compliance items before lenders can approve your business financing request.
Lenders want your business to have open files and good scores with all 3 national reporting agencies. Your business must have a file open with all three national business credit agencies; Experian Smart Business Reports, Equifax Small Business Financial Exchange and Dun & Bradstreet. We get them set-up fast.
Your business must have 5 vendor lines of credit that report credit history. There are over 500,000 vendors extending credit, but only 6,000 that report to the business credit agencies. You can obtain thousands of dollars in vendor credit lines, not based on your personal credit.
Your business must have 3 business credit cards that report. There are over 500 business credit cards, but only 40 will issue a card without using your social security #. You can get approved for thousands of dollars in business credit cards that do not appear on personal credit reports.
Once you have built strong business credit scores you can access much more financing. We show how to get approved for your first business bank loan. A reporting bank loan puts your business "on the map" as far as every other business lender is concerned. Then hundreds of thousands in business finance and lending starts to become available: vehicle financing, equipment leases, and true business loans and lines of credit.
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