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sba gift letter 7(a) and 504 loans

The Gift Letter

July 22, 2020 by Ryan Smith

The Gift Letter There are many instances where borrowers applying for an SBA loan to purchase real estate, acquire a business or franchise or obtain working capital for growth do not possess the required 10% minimum equity injection. The good news is that the SBA permits the applicant to receive a monetary gift to assist …

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SBA Form 159 Fee Agreement

SBA Fee Disclosure and Compensation Agreement Form 159

July 19, 2020 by Ryan Smith

Form 159 November 1st, 2018 the SBA combined SBA Form 159(7a) and SBA Form 159(504) into one form known simply as Form 159. Form 159 requires applicants to disclose services and fees charged by an Agent hired in connection with applying for an SBA loan whether a 7(a) or 504. The purpose of this form …

Read moreSBA Fee Disclosure and Compensation Agreement Form 159
sba loan schedule of liabilities heavy equipment

SBA Schedule of Liabilities Form 2202

June 30, 2020 by Ryan Smith

My SBA Loan Pro Form 2202 must be completed on behalf of the subject business requesting the loan and all affiliate businesses. Affiliate businesses are defined by the SBA as any business owned 51% or more by a 20% or more owner of the subject business. Schedule of Liabilities Form 2202 documents the subject business …

Read moreSBA Schedule of Liabilities Form 2202
statement of personal history sba form 912

SBA Statement of Personal History Form 912

June 17, 2020 by Ryan Smith

SBA Loan Form 912 The SBA Statement of Personal History Form 912 must be completed by everyone who answers yes to questions 18 or 19 on SBA 7(a) Borrower Information Form 1919, Section II: Principal Information. These questions ask whether the individual principal applying has been arrested within the last six months or whether they …

Read moreSBA Statement of Personal History Form 912
sba form 1919 personal information

SBA 7(a) Borrower Information Form 1919

June 11, 2020 by Ryan Smith

The SBA 7(a) Borrower Information Form 1919 is required to be completed by every individual with 20% or more ownership in the applicant business entity whether applying for an SBA 7a or 504 loan. Completing this form is not complicated but there are a few things that are important to know. First, the form consists …

Read moreSBA 7(a) Borrower Information Form 1919
personal financial statement form 413

Personal Financial Statement Form 413

June 1, 2020 by Ryan Smith

The Personal Financial Statement, often referred to as a PFS for short, is one of the most important documents to the loan application. The PFS must be completed by all individuals who own 20% or more of the borrowing entity and is to include all personal assets, liabilities, annual income and debt obligations. I want …

Read morePersonal Financial Statement Form 413
thinksba 7a loans to acquire a business

How To Acquire A Business With An SBA 7a Loan

May 20, 2020 by Ryan Smith

One of the most popular ways to become a business owner is to acquire an existing business. There are many advantages to acquiring an existing business which I will highlight below. Is Buying The Best Option But first, it’s worth saying that prior to acquiring a business you should conduct a financial analysis to determine …

Read moreHow To Acquire A Business With An SBA 7a Loan
sba 7(a) acquire a business podcast

Why The SBA 7a Loan Program Is The Best Financing Option To Acquire An Existing Business

May 20, 2020 by Ryan Smith

Acquire Business With SBA 7(a) Loan Program One of the most popular ways to become a business owner is to acquire an existing business. And the easiest way to qualify for financing is through the SBA 7(a) program. Before I highlight the advantages of the 7(a) program, I’d first like to raise the point that …

Read moreWhy The SBA 7a Loan Program Is The Best Financing Option To Acquire An Existing Business
sba 504 and 7(a) ground-up construction

How To Finance Ground Up Construction And Tenant Improvements With The SBA 504 & 7a Loan Programs

December 7, 2019 by Ryan Smith

Finance Ground Up Construction Often business owners will want to acquire raw land and build or improve an existing commercial building to suit their unique business model and company culture. The SBA 504 and 7a Loan Programs are designed perfectly to meet this purpose. If you are currently contemplating whether to buy raw land to …

Read moreHow To Finance Ground Up Construction And Tenant Improvements With The SBA 504 & 7a Loan Programs
real estate loan pre-payment trap

How To Avoid The Pre-Payment Penalty Trap

December 1, 2019 by Ryan Smith

Pre-Payment Penalty Trap Many small business owners are unfamiliar with pre-payment penalties associated with purchasing or refinancing commercial real estate through the SBA 504 or 7(a) guaranteed loan programs. So let me educate you on what they are and how you can avoid the pre-payment penalty trap. A pre-payment penalty is a fee charged by …

Read moreHow To Avoid The Pre-Payment Penalty Trap
build wealth sba 504 loan program

How To Build Wealth Through The SBA 504 Loan Program

December 1, 2019 by Ryan Smith

SBA 504 Loan Program The SBA 504 Loan Program is a Federal Government Guarantee program designed to incentivize business owners to purchase commercial real estate to occupy their business. Be sure to browse other episodes in the My SBA Loan Pro Podcast library for more in depth knowledge of the SBA 504 loan program. A …

Read moreHow To Build Wealth Through The SBA 504 Loan Program
sba lenders are not created equal

Are All SBA Lenders Created Equal?

September 15, 2019 by Ryan Smith

Different Types of Lenders The answer is no, not all SBA lenders are created equal. That’s because each lender applies the Small Business Administration’s Standard Operating Procedures manual, also referred to as the SOP, differently. For example, some lenders have developed internal lending policies that are more stringent than the SOP. These lenders favor prime …

Read moreAre All SBA Lenders Created Equal?
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