When submitting your SBA loan application make sure you understand
what today's underwriters (the decision makers) need to see in order to get your loan approved. Every SBA lender is
not the same and you need to know what SBA lender has an funding passion for your specific SBA Loan request. To
quickly get your loan approved, make sure you follow this first action step before you do anything else.
Action Step #1
Create a Project Overview:
Who are the borrowers? Explain what their expertise or experience
in the same related line of work is. Any success stories about the borrowers, testimonials, past performance
awards. It all makes a big difference-share it!
What type of small business (industry) are you in? Is this a new
industry that is growing or has great promise for growth or is it a gas station in East Detroit? Get your head
inside the mind of the decision makers, think like an underwriter would think. It doesn't matter what you would
like to buy if lenders are not looking to lend on it. Remember, this is a lenders market not a buyers
What do they need financing for, how much money do they need, how
will it be used? Specify Project Costs (example: Pay for real estate $600K, restoration $300K, purchase equipment
$300K, refinance business debt $250K, marketing and soft costs $30K, etc). How much do they intend to put down on
the deal and what is the source of those funds?
Make sure that you put your personal passion and expertise into
your project overview action step. When you correctly prepare your SBA Loan request then you are a step ahead of
your broker or lender, you are in the drivers seat. Do your own market examination locally and on line, obtain your
facts and comparable industry success stories together. Get people excited to work on your loan application and
make sure you think like an underwriter. Take ACTION on your project overview and then you will be on your way to a
quick SBA Loan approval.