Once you’ve decided on the right SBA loan program for your needs and your eligibility is established, you’re ready to begin the application process. This is done directly with First Bank SBA, not the SBA.
In addition to completing SBA-required forms, prepare key financial statements and business documents. The following is a guideline of the steps you’ll need to take:
- Be clear about how you intend to use the proceeds. Use your business plan to build a case for the loan and how you’ll repay it.
- Gather key information about the history of your business. Who’s on the management team? What products and services do you provide? Who’s your target market/customer? What’s the competitive landscape?
- Pull your financial statements (past and projected). This includes you balance sheet, profit and loss statement/forecast, cash flow projections, and bank statements.
- Tie all the above together in your business plan – this is critical. Your plan is both a roadmap for your business but will also show a lender that you understand your business, the market, and how to run it.
- Pull tax returns (personal and business) for the past three years.
- Check your credit score and history.
- Collate any business documentation such as leases, articles of incorporation, business license, resumes, etc.