Some SBA loan tips...include projections

So I got three SBA deals from a broker this week.

Each was looking for 100% to 150% of their revenue in a SBA loan.Guys - you need to learn how to be a loan officer and use some common sense rather than be just be intake paper filler outers....

One was doing around $800K and seeking $1.5M

And they wanted money to hire people, do marketing, and expand the business.

For the Hell of it I sent it to my contact at the countrys largest SBA lender...She did a cash flow and figured this merchant could get around $175,000.

Now I want to point out, per SBA guidelines, you can't get money to hire people to expand. SBA allows hiring for existing contracts and ongoing business. (Yes I do have SBA lenders that do allow that but that's beside the point)And that being said, if the merchant would do a 24 month projection of use of funds and the impact on revenue and EBIDTA, they could qualify for a larger loan amount.So when you submit a SBA loan package, it will greatly enhance your file and possibly allow you to get a larger amount if you simply do your homework.

Here's a sample:https://docs.google.com/spreadsheets...f=true&sd=true

Here's a blank form to use:

https://docs.google.com/spreadsheets...f=true&sd=true

Steve Benjamin

Professional Business Loans

522 ContessaIrvine, CA 92620

steveprobiz@gmail.com

https://probizloans.net/

Broker, Underwriter, general business loan expert

949.228.1050