If your small business needs to raise some funds but does not qualify for conventional business loans, a small business administration loan (SBA) is a great option to look into. Only 9% of businesses do not receive any capital after applying for an SBA loan, which gives you a high chance of successfully raising the funds you need. You may be asking, “where can I find SBA loans near me”?
You need to know a few things before you can start applying and raise the capital you need to grow your business.
Related Article: When & Why You Should Use An SBA Loan?
What You Need To Apply For An SBA Loan
Before jumping into the famous Google search, “where you can apply for SBA loans near me”, we’ll discuss the items you need to start your application first.
SBA loans require several forms and supporting documents for the application process. Having them available and ready to go will make your application flow much smoother.
The following documents are typically required during the SBA loan application process:
- Personal financial statements
- Business financial statements
- Three years of profit-and-loss reports
- List of debts
- Financial projections for the business
- Any business certification or licenses
- Tax returns
- Resumes/Credentials for senior staff members
- History of the business
- Leases for your business location
You may also be asked several questions during your SBA loan application. Having prepared answers can help speed up the process if you are making multiple applications. Examples of questions you may expect are:
- Why are you applying for an SBA loan?
- What will the loan be used for?
- What assets need to be purchased for your project?
- Who are your suppliers?
- Do you have business debt, and with whom?
- Who are the staff that makes up your management team?
How To Find An SBA Loan Provider Near Me
In today’s financial world, the options for approaching a lender can be overwhelming. When looking for an SBA loan lender near me, your search may not start with your personal bank. Instead, you will have to look further afield.
Okay, now that you’ve prepared all of the information you’ll need for an application, we’ll answer, “how do I find SBA loans near me.”
National Banks
Approaching larger, national banks for an SBA loan can have its advantages. Their experience in processing loans can make timelines faster than with other lenders. However, national banks tend to look closely at the numbers rather than the person, and you may find they have more rigid requirements to qualify.
Local Banks
Smaller local banks near you can offer a more personal touch to the SBA loan application process. If you need more flexibility or smaller funds for your project or you do not have a wealth of experience in your industry, approaching a local bank can be a great option.
Local banks are part of the community, and unlike national banks, they will be able to build a clearer picture of how your business will perform in your area. This can be helpful when working in specific local markets. The drawback with working with local banks can be that they may not have a preferred lender status from the SBA which can make processing times longer.
The drawback of working with local banks is that they may not have a preferred lender status from the SBA, making processing times longer.
Credit Unions
Credit unions work in a not-for-profit setting. The profits they make are returned to their members. As such, like local banks, this means you will receive a more personal experience.
However, the drawback of working with credit unions is that they may have less funding available. If you are searching for millions in funding, a credit union may not be able to offer this to you.
A Preferred Financial Service Company
If you are unsure of which banks near you to approach or do not have the time to fill out multiple applications, speaking with a Preferred Financial Service Company that is approved by SBA lenders, such as me at Ivanhoe Capital Advisors, could be the best option for closing an SBA loan fast.
Our strength is in our ability to review and process the initial package proficiently that is presented to our SBA loan participants. There are no second first impressions. With our 30 plus years of SBA experience, we can assure you that your small business will be represented in a way that maximizes its chances of successfully being approved.
Not only this, but another huge advantage is that you only fill out an application once. The Preferred Financial Service Companies will do the rest of the work for you. This saves you a lot of time in filling out multiple applications for multiple lenders.
SBA Loan Success Stories
For example, we were able to secure a $412,200 start-up franchise loan for Rosati’s Pizza based on their brand’s strength when the owner had very little collateral and did not have much post-closing liquidity.
Another success story is an independent restaurant just getting started. Restaurants can have a particularly hard time getting loans, so we were excited to get a start-up loan plus some working capital. We were able to close in 30 days with no prepayment or balloon payments. They also enjoyed the benefits of a 10-year term and a low-interest rate of 6%.
Here at ICA, we can help you get the small business loans you need. We can even help you secure COVID-19 disaster relief funds. Plus, we are local with two locations near you – Chicago and Oak Brook, IL.
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Talk To One Of Our Experts Today!
If you need our help with getting an SBA loan started, have a few questions about all your options, or anything else our small business financing experts are here for you. Please call us at 847-644-8085 or fill out our short form and we will get back to you within 24 hours.
