Many businesses have been adversely affected by the coronavirus pandemic, and in fact, many businesses have even been obliged to close their doors. If you’re struggling to survive and would be helped by obtaining an SBA loan, you should continue reading below to find out how to go about it. This is a streamlined version of the steps necessary to obtain the funding you need to get your business back on its feet.

Obtaining an SBA Loan

The first step necessary is to determine whether or not you are eligible for an SBA loan, and eligibility centers around the business purpose of your loan as well as the viability of your business. Then you need to choose the appropriate SBA program for your business, and this will probably be either the 7(a) loan program or the CDC/504 loan program. Then you’ll need to find the ideal SBA lender for your purposes, usually a bank which has worked with the SBA in the past and is familiar with their procedures.

Once you have determined this, you’ll need to gather up all the relevant information and documentation which will be required during the application process. It’s a simple matter to find out exactly what is needed to apply since it’s listed on the website for the Small Business Administration. After this, you’ll have to fill out the application in full, without leaving any gaps or un-supplied information which will slow down the review process. Assuming that you are eligible and considered a good candidate by the SBA, all that will remain after this is to close on the loan and receive your funds. 

Looking to Get an SBA Loan? 

We have worked with the SBA to help qualified borrowers obtain the funding they need. Contact us at Crimson Stone Capital Solutions, so we can discuss some options for providing the capital your small business needs.