Get Cash to Keep Your Business Running During Coronavirus
Update: See our new Coronavirus related information here. When you launched your business, who would have guessed you would need to prepare for a...
As the borrower, you have an important role in the process.
Getting your Small Business Administration (SBA) loan approved is an important first step, but getting your money in hand requires a successful loan closing. The loan closing can take substantial time if you’re not prepared and able to provide what's needed to the lender's closing team in a timely manner.
To help you get ahead of the curve, we have prepared a closing checklist with the typical required information and documents. Gathering these items early can save days and sometimes even weeks in the closing process.
The specific list will vary depending on the loan program and specific concept, but the following items are often required:
7a Loan
Small Loan/Express
How the bank disburses the funds will be dependent on the loan program and whether or not buildout or construction is involved:
7a Loan
If buildout is NOT involved, the lender typically requires invoices to directly pay vendors for any major costs (ex. equipment). Once those costs are paid, the remaining loan balance is typically wired to your business account to be used as operating working capital.
Small Loan/Express
Whether it’s an SBA loan, a 401(k) rollover, or a combination, we’re here to help you determine the funding strategy that makes the most sense for you. Schedule a free consultation to review your available funding options.
Update: See our new Coronavirus related information here. When you launched your business, who would have guessed you would need to prepare for a...
Over the past several weeks, we have faced unprecedented business interruptions in the wake of the coronavirus pandemic. In response, the CARES Act...