Want to apply for an SBA loan but not sure where to start? Read our free step by step guide to applying for SBA loans today.

1. How To Apply
for An
Loan

2. Loans
Are commercial loans
which are partially
guaranteed by the
Small Business Administration.

3. They are obtained from a
financial
institution,
and not the
directly.

4. Loans
Are designed to provide
capital to
SUCCESSFUL BUSINESS owners
who do not have the collateral to
get a non-SBA guaranteed loan.

5. While you can
an existing business
with SBA loan, they are not loans for
starting a new business.

6. While you can
an existing business
with SBA loan, they are not loans for
starting a new business.
(If you need money to start a new business click
here to read about other options)

7. As a result,
The standards for obtaining an SBA
loan are generally similar to
commercial loans, except
that less collateral
is required.

8. As a result,
The standards for obtaining an SBA
loan are generally similar to
commercial loans, except
that less collateral
is required.
(You can read about commercial
loan requirements here)

9. Before you begin
your application, we recommend
you familiarize yourself with the
various SBA loan programs by
reading
our Ultimate Guide to SBA
Loans, as well as our
guide to special 7a loans.

10. How to Apply
For An SBA Loan
(7a SBA Loan)

11. Determine Eligibility
Determine whether or not your
business is eligible for the 7a
program.

12. Determine Eligibility
Determine whether or not your
business is eligible for the 7a
program.
• You must be a US business with less than 500 employees,
operating a for profit.
• You must also be able to show that you have a need and good
use for the funds.
You can find a complete explanation of the SBA’s 7a eligibility requirements here. We also
recommend reviewing our guide to special 7a loans

13. Find a Bank
That will disburse and
service your loan.
The SBA website has an
excellent lender search
You can also browse
through the SBA’s list
of their 100 most active
lenders.

14. We recommend talking to multiple banks
in order to find one that meets your
needs. As you visit banks, we
recommend asking the following
questions:
• What is their total SBA loan volume?
•Do they participate in the SBA Preferred
Lender Program?

15. In General
your first meeting with your bank
will involve exchanging some
initial information in order to see if
the opportunity meets the bank’s
general parameters.

16. Assemble and Organize
Your Paperwork
The SBA provides a
comprehensive checklist,
which you can find here. The
main documentation
required is:

17. Assemble and Organize
Your Paperwork
·
·
·
·
·
·
·
·
·
·
Business Financials
Profit and Loss (P&L) Statement
Projected Financials
Ownership and
Business Certificate/License
Loan Application History
Tax Returns
Résumés
Business Overview and History
Business Lease

18. Assemble and Organize
Your Paperwork
In addition to documents
required by the SBA, David
Lucht of Live Oak Bank also
recommends putting
together a detailed “plan for
success”.

19. Assemble and Organize
Your Paperwork
In addition to documents
required by the SBA, David
Lucht of Live Oak Bank also
recommends putting
together a detailed “plan for
success”.
To read our full interview with David Lucht, click
here.

20. Fill Out SBA Forms
It is time to begin filling out
the necessary SBA forms.
We have put together
comprehensive guides on
each form and how to
complete them.

21. Fill Out SBA Forms
Form 4: Application for Business
Loan – This is the core SBA loan
document that requires lots of
supporting attachments.

22. Fill Out SBA Forms
Form 4: Application for Business
Loan – This is the core SBA loan
document that requires lots of
supporting attachments.
See our step-by-by step guide for
filling out SBA Form 4 here.

23. Fill Out SBA Forms
• Form 912: Statement of Personal
History - This form is used to
evaluate your character. (Guide)
• Form 413: Personal Financial
Statement - This form is used to
assess the financial standing of
you and your spouse. (Guide)

24. Fill Out SBA Forms
• Form 159 (7a): Fee Disclosure
Form and Compensation
Agreement - This form is only
necessary if you hired someone
to help you with your SBA loan
application. It details how much
you paid them and the services
they provided. (Guide)

25. Loan Timeline
1. Qualification: Initial Information is exchanged to determine if you meet
the bank’s general parameters (1 week)
2. Proposal: Once you are qualified, your bank will give you a proposal
3. Underwriting: If you accept the proposal, you enter the underwriting
stage, which includes a detailed analysis, the exchange of lots of information, and
a formal approval or decline of your application (1-2 weeks)
4. Closing: Loan terms are finalized and signed. The amount of time is
determined by the complexity of deal

26. Applying for a
504/CDC Loan
The forms and required
documentation are identical, but there
are slightly different eligibility
requirements.
Furthermore, instead of receiving your loan from a conventional
bank, you must apply to one of the SBA’s Certified Development
Companies (CDCs). You can find a full list of eligibility
requirements here.

27. Find a CDC
Once you have determined that you are
eligible for a 504/CDC loan, you must find a
CDC to service your loan.
The SBA provides an easy to use CDC finder,
which will direct you to the various CDCs in
your geographic area.

28. Final Thoughts
Applying for an SBA loan
can be a complicated
process, so the more
attention you pay to
preparing your documents
and forms, the smoother
your experience will be.

29. Join The Community
www.FitSmallBusiness.com
Click here to tweet
this presentation.