FAQs
To be eligible, a business must be operated for-profit and meet SBA’s size standards. Some types of businesses are NOT eligible, such as those engaged in lending, real estate development, investment or speculation, pyramid schemes, gambling, and illegal operations. All loans must be used for sound business purposes. The business must be in our area of operations (See Map). SBAC loan officers will decide which product or combination of products best meets your needs.
SBAC offers a variety of loan programs that address virtually all small business-financing needs. There are many available loan funds. SBAC lending professionals will assist you in determining which program or combination of programs is best for you.
Typically, the following documents are needed to review a loan request:
- a brief description of the business and how the loan proceeds will be used
- 3 years tax returns (personal and corporate)
- a personal financial statement for all owners
- business financial statements for the past 2 years as well as a current year to date statement (within 90 days)
- schedule of outstanding debt
- details of any owner’s equity investment in the business
- projections for future operations
SBAC will help you through the paper work and placement. We can make it easy.
Your credit score is an important part of a successful application. An SBAC professional will review your credit report with you to evaluate any mitigating circumstances associated with derogatory reports.
All loan programs are fee-based, with the fees varying from 1% – 2%. SBAC will disclose all cost prior to funding.
SBAC offers only loans. No grants are available from SBAC.
A CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions.