The Small Business Administration offers many loan programs to help entrepreneurs, small businesses, and other types of entities get financing. The SBA 7(a) loan program and the SBA 504 loan program are two examples that you might have heard about.
Applying for an SBA loan can be a stressful and painstaking process, so many of our clients turn to us for SBA
packaging services. We can help with:
- Screening projects to see if they’re eligible
- Technical assistance with the application packaging process
- Coordinating between the lender, loan reviewers, and other stakeholders to facilitate smooth communication
- Following up on application status to move the project across the finish line
- Answering any questions you might have along the way
We’ve been packaging SBA loans for over 35 years and over 95% of the applications we work on get approved. We attribute this high success rate to our years of experience in using the program. We also have contacts at SBA that we can touch base with when we have concerns or questions on whether a project might be eligible or not.
SBA Loan Applications: Top Tips for Success
It’s critical to thoroughly screen the project and identify any potential problems or roadblocks as soon as possible. In particular, dealing with eligibility issues right off the bat can save you a lot of hassle down the road.
Another top tip for SBA loans? Have patience. Dealing with a federal agency can be frustrating, but the SBA program is a great resource for funding. It’s worth the wait, and it’s worth doing the job right on both the front and backend.
If you’re interested in getting an SBA loan, or if you’d like to find out whether a project might be a good fit for another type of funding, don’t hesitate to get in touch. Contact Northspan’s Zack Filipovich at zfilipovich@northspan.org or (218) 481-7737 to learn more.