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SBA FAQ's

typewriter / SBA Loan1. How do I apply for a SBA Small Business Loan Guarantee?

Small Business Loan has three different loan programs. Each of the programs is designed to cover a variety of business, needs, thus providing the most options to small businesses. As the programs are delivered by SBA’s partners and are not direct loans from SBA, businesses. Be prepared to discuss your proposal in detail with City Capital Realty. You should have the following available for the lenders review: your business plan; your personal financial statements; your business financial statements (if already a business); collateral available to secure the loan; assumptions used in your projected earnings statements; management resumes of those involved in operating the business; and pro-forma balance sheets showing what the business would look like if the loan were granted. Be prepared to discuss your proposal in detail with the lender.

2. What do I need to qualify for a SBA Loan?

In order to get a 7(a) Small Business Loan, the applicant must first be eligible. 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. All owners of 20 percent or more are required to personally guarantee Small Business Loans.

3. What type of collateral do I need for a loan?

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. All owners of twenty percent (20%) or more of the business are required to personally guarantee the Small Business Loan. The SBA does not deny approval for a SBA guaranty loan solely due to lack of collateral; however, it can be used as a reason, in addition to other credit factors.