How to Close an SBA Business Loan in 30 Days or Less (up to $350,000)
Updated: Jan 6
There is a stigma attached to SBA Loans concerning how difficult it can be to secure and close one. In years past this may have been the case, however, here at Business Capital Consultants USA (BCCUSA), we routinely go from the initial application to Funds being wired in less than 30 days! These loans are up to 350k and do NOT require using personal home as an asset.
It is ALL about preparation of personal credit (FICO 650+), documentation, and making sure your CPA is NOT overtly aggressive about showing minimal gains to mitigate personal tax liability to the owners receiving K-1’s.
Your BCCUSA Consultant can help you with this!
Initial Documents needed:
- Three Years Corporate Tax Returns
- YTD Profit and Loss figures within 60 days of the application
- An accurate Debt Schedule (BCCUSA can supply you with a template for this)
- A Personal Financial Statement (BCCUSA can supply you with a template for this)
- A short Narrative about your business and how it will continue to thrive - and why (Your Consultant can help you draft this)
-Be sure to have an organized Use of Funds list that relates to business expenses (Your Consultants can help you draft this)
After the bank determines that you are creditworthy and have enough Cash Flow to repay the loan you will need to provide:
- Corporate Resolution
- Business Lease where applicable
- Business asset list
- 12 months of personal credit card statements
- Access to your Property and Casualty Insurance Broker to change the lost payee cert
- Start requesting payoff letters (where applicable) from other loans on Balance Sheet
- From there the Bank will verify that your Business is compliant with Federal and State Taxes (the guarantors as well), and that there aren’t any outstanding liens or judgements. - - - When having a lease, the bank will request the landlord allow the bank inside premises in the event of a default in order to recoup any assets.
If your business is profitable and prepared you WILL receive funds in 30 days or less!
BCCUSA: Know BEFORE You Borrow