Question
What is the best way to get an SBA 7(a) guaranteed loan?
I'm trying to get my agriculture business going, and i was wanting to know what the best way to get an SBA 7 (a) guaranteed loan was, i have a business plan and i'm willing to put up inventory as collateral, i was told my credit scores are all in the 500's, can i get this loan with a business plan and collateral, and i have already sold one item and put the money in the bank can this help also. I bank with National City are they good at SBA programs.
6 months ago - 1 answers
Best Answer
Chosen by Asker
You sound like you have the basics covered but reading the detailed info at : www ... reveals this : "A key concept of the 7(a) guaranty loan program is that the loan actually comes from a commercial lender, not the Government. If the lender is not willing to provide the loan, even if they may be able to get an SBA guaranty, the Agency can not force the lender to change their mind." and this : "Repayment ability from the cash flow of the business is a primary consideration in the SBA loan decision process but good character, management capability, collateral, and owner's equity contribution are also important considerations. " which basically means that what there are intangible issues (like good character) that factor into the decision making process. So what this really means is that what I say or anyone else here says means nothing. You have to put in the application and meet with them. At least in your meeting with them, you will be able to gauge where you stand and what (if there are any) shortcomings that you need to look into. I wish you all the very best.
Source(s)
Andrew shares hundreds of ideas for small and home based businesses at : www ...
by andrewshim
6 months ago
Asker's Rating: 