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Get Qualified For A SBA Start-Up Loan

Our 501(c)(3) non-profit was awarded a Grant to prepare clients for funding. $100,000.00 min guaranteed.

STEP ONE:  PICK A SBA LOAN TYPE COVERED UNDER OUR GRANT

SBA Microloans

• Maximum loan is $50,000

• Used for:

  • Working capital, inventory, supplies, furniture, fixtures, machinery, and equipment

• Repayment terms up to 7 years

SBA 504 loans

• Maximum loan is $5.5 million.

• Used for:

  • Purchase or construction of existing buildings or land, new facilities, and long-term machinery and equipment

  • Improvement or modernization of land, streets, utilities, parking lots, and landscaping

• Repayment terms of 10, 20, and 25 year maturity terms are available

SBA 7(a) Express loans

• Maximum loan is $500,000

• SBA turnaround time:  does not require SBA review (can be same or next day approval)

• Repayment terms of up to 10 years

SBA 7(a) loans (including Community Advantage Loans)

• Maximum loan is $5 million.

• Used for:

  • Acquiring, refinancing, or improving real estate and buildings

  • Short- and long-term working capital

  • Refinancing current debt

  • Purchasing and installation of machinery and equipment

  • Purchasing furniture, fixtures, and supplies

  • Changes of ownership (complete or partial)

• SBA turnaround time:  5-10 business days

• Repayment terms are typically 10 years to a maximum of 25 years

STEP TWO: COMPLETE THE SBA LOAN CHECKLIST BELOW

Our 501(c)(3) non-profit organization received a Grant to prepare entrepreneurs and their businesses to qualify for a SBA loan.   For us to assist you and for you to receive the Grant, it is REQUIRED that you complete the SBA Loan Checklist at bottom of this page.

Here is what is typically required for a SBA loan that we can assist you with:

• Lender-compliant business plan.  This describes your business, services offered, ownership, amount of funding requested, use of funds, business owner's personal history, etc.

  • NOTE:  If needed, our Grant covers the development of a business plan at no cost.

• Commercial lease.  Lease must be to the operating business applying for the SBA loan.  Lease term must match the SBA loan term.  Lease must be subordinate to the SBA loan.

  • NOTE:  If needed, we can provide you a bonafide commercial address and compliant lease.

• Compliant business entity.  The business applying for the SBA loan must be in good-standing with Federal and State governments.

  • NOTE:  If needed, our Grant covers the cost of filing for a new business entity for your loan application.

• Detailed list of collateral.   For the SBA to consider the loan "fully secured", the applying business must own enough qualifying assets.

  • NOTE:  If needed, we can provide you up to $5M of collateral.

• Financial statements.  Standard business financial reports include a Personal Financial Statement (PFS), Balance Sheet and Income Statement.

  • NOTE:  If needed, we can assist you in creating strong financial statements.

• Credit worthiness.  Although credit requirements vary, you'll typically need a 140 FICO or higher.

  • NOTE:  If needed, we can facilitate the creation of a stronger credit profile through a legal-based model. 

No one is disqualified from participating in the Four Week Funding Program to get prepared but we do need to understand what you have or need assistance with.  Please complete the checklist below and one of our Funding Advisor will reach out to you to answer questions and assist.

Asset-Based Lending

Bank of America Business Capital

If your company is seeking financing solutions of $5 million or more, you can benefit from the flexibility and versatility of an asset-based structure. Whether you’re planning an acquisition, are in a turnaround situation, or need a larger or more flexible financing solution, Bank of America Business Capital meets the needs of businesses throughout the United States, Canada and Europe.

1. How it works

Asset-based loans (ABLs) are revolving lines of credit or term loans that are secured by the borrower’s assets. How much credit a borrower can access is primarily determined by the quality and value of the collateral, which can range from accounts receivables and inventory to equipment and real estate.

2. When it’s used

Midsized and large companies of all types use ABL for a variety of purposes:

• Working capital 

• Acquisition 

• Turnaround financing 

• Capital expenditures 

• Debtor-in-possession (DIP) financing 

• Growth Recapitalization 

• Refinancing/restructuring 

• Buyout 

• Leveraged employee stock ownership plan (ESOP)

3. See the benefits

As a borrower, using ABL can provide a range of benefits.

• Increase your borrowing power, especially for companies with less predictable earnings and cash flow

• Enhance discipline and efficiency around accounts receivables and production for more borrowing capacity

• Reduce financial covenants, including restrictions around the level of debt to enterprise value or cash flow, and net worth-focused covenants

• Potentially gain more time to address financial difficulties due to built-in collateral protection

• Use CashPro® from BofA to efficiently manage all your banking activities