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An SBA loan has many appealing benefits for small business owners like longer terms and lower down payments.  Gathering the appropriate documentation in advance can help streamline the process as much as possible. Here are a few common documents you will need to submit in addition to the required federal forms. 

  • Business Plan: this is a required document on some SBA loan applications and your chance to convince the lender that your business is worth the investment. It should detail how you plan to structure, run and grow your new business. Think about all the key elements of your business and include them in this document. A business plan should include the following:
    • Executive summary – a brief high-level overview of the comprehensive plan
    • Company description
    • Market analysis
    • Organizational structure
    • Marketing and sales plan
    • Funding request and
    • Financial projections – monthly detail for the 1st year
  • Financial and Business Information: this is key information any SBA lender is going to need to submit your SBA application. By having these items ready to go before applying, you will get a head start on the process. Be sure to include:
    • Personal Financial Statement (all owners 20% or more)
    • List of all current business debts and their respective monthly payments
    • Three years of personal (all owners 20% or more) and business tax returns
    • Year to date Income Statement and Balance Sheet (if existing business)
  • Use of Loan Proceeds: Your SBA lender will want to know how you plan to use the loan. While SBA loans can be used for a variety of different purposes, each type of SBA loan has its own requirements for use of funds. Identifying how you’ll use the loan will help your lender determine which SBA loan program meets your business needs the best.

Although the checklist above is not an exhaustive list, it will definitely give you an advantage to have these materials ready when applying for your loan. At FNB Small Business Finance, our team will communicate with you if other information is required and help you navigate the entire SBA lending process.




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