Contrary to what most people think, SBA loans are not hard to get if you qualify. A borrower must have a minimum 600 mid score and be willing to provide at lease 10% of the total project cost. Combined with our ability and desire to work closely with our customers and to be associated with some of the most knowledgeable and aggressive SBA lenders in the country, we can customize a loan program to meet our borrowers present day and future financial needs.

    Very briefly, SBA loans are available for both long term and short term including purchases, start-ups, construction, refinance and cash out refinance, to serve small businesses who may not be able to obtain reasonable terms through normal lending channels. Loans range from 7 to 10 to 25 years fully amortized, full documentation and rates are typically Prime (WSJ) plus .75 to 2.75 points, and range from $150,000 to $4,000,000, and up to $10,000,000 for qualified owner occupied properties. Loans under the program can be obtained for commercial real estate, business acquisition, business expansion, construction, recapitalization, refinance, partner buyout, start-ups, working capital, inventory, machinery and equipment. The loan to value range is 65% to 90% and down payments are 10% to 20% depending on the project and buyer qualifications.

    The majority of businesses would qualify. Typical eligible businesses would be, convenience stores, gas stations, automotive services, car washes, motels and hotels, manufacturing , small office buildings, restaurants, franchises, retail, day care, dry cleaners, buying equipment, marinas, recreation facilities, health and fitness, small office buildings, office warehouses, office condos, medical, veterinary, assisted living facilities, bed and breakfast. The business must be showing a profit to qualify.

    Ineligible businesses would be rental properties, academic schools, pyramid sales, gambling, religious or other non-profit organizations.

The required documentation to proceed is as follows which should be easy to provide.

• Completed application forms with standard form 1003
• We will run credit upon receiving all parties permission
• Personal tax returns for the past 3 years for all share holders with over   20% ownership
• Personal financial statements for all owners
• Existing business tax returns for past 2-3 years, 3 years preferred
• Existing business interim financial statement and balance sheet within 60   days
• A detailed description of the use of funds is very important
• Start up projects should include a well thought out business game plan,   financial projections month by month (when applicable)
• Rent rolls and leases (when applicable)
• Construction cost break down with plans/specs
• Selling points for the project should be included and are very important

The procedure is as follows:

• Pre-qualification letters are issued within 2-5 days
• Once all the signed documentation and refundable deposit, when required, is received, the package is submitted to underwriting for final approval which normally takes approximately 5 days
• Upon approval the appraisal is ordered and environmental testing (if   applicable)
• The commitment letter is sent with a closing check list
• Closing then usually takes 45-60 days upon satisfying the check list

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Buddy Dufau