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SBA Loan: Qualifying and Applying

Cash Out Refinance Mortgage Loans Home Equity, 2nd Mortgage Or Cash Out Refinance Loan
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not .....
...... revenue. For example, if you run a wholesale or retail business, your average annual sales for the past three years cannot exceed $6 million to $29 million, depending on the type of business you own. Construction companies need to fall into the $12 million to $28.5 million range. Basically, if you make too much, youre considered too big to need an SBA loan. Its also very important that youre running an independently owned for-profit organization if you are considering SBA loans.

If you still qualify keep reading.

When beginning the SBA loan application process, your lender will require you to have some specific information ready. The first document youll need is your business profile; this simply describes the type of business you run, your annual sales revenue, the number of people you currently employ, and how long youve been in business. You will also need to provide a loan request. This is a description of how money you need and how you plan to spend it. As with any loan, you will need to provide collateral. Be prepared to explain how you plan to secure the loan.


The most important information you will need to provide is the businesss financial statements for the past three years. These include: balance statement, income statement, and the statement of cash flows. As the owner of the business, you will need to provide not only your personal financial statements, but also the financial statements of any other individuals that hold 20% or more equity in the company. Most lenders will also ask for personal tax returns for the last three years.

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In the next portion of this article, SBA Loan: Options, Benefits, and Lenders, we will further examine what kinds of loan options are available, and for what kinds of businesses they are most advantageous. Lastly, we will discuss different types of SBA lenders.