What Colorado Springs Businesses Need For SBA Loan Approval
Whether your small business needs working capital or financing for commercial real estate acquisitions, SBA loans are usually the solution. For Colorado Springs businesses, being able to access SBA is necessary to get a foothold in a thriving landscape for entrepreneurs. However, there are some things all Colorado Springs business owners should have before seeking out SBA loans of any kind.
Colorado Springs Businesses Should Start With A Plan
The Small Business Administration (SBA) – and indeed, all lenders – require that entrepreneurs have a business plan. There are a number of places to find boilerplate templates to design a business plan, and Colorado Springs business owners must include details for costs, projections, forecasts,
Biographies
The SBA want to know who is running businesses in Colorado Springs (and everywhere else) before approving loan requests. It is important to have the personal information and professional histories of the principle players in a company. A faceless organization sends up red flags to lenders.
Corporate Structure
In order to receive a funding from SBA loans, Colorado Springs entrepreneurs must decide on a corporate structure (LLC, partnership, sole proprietorship, s-corp, etc.) and register their business name. This establishes a tax identity which will be used for financial transactions and funding.
Personal And Business Credit History
In order to secure SBA loans, business owners in Colorado Springs must provide personal and company credit histories. SBA lenders may have to work from personal credit histories when new businesses have low ratings due to being in existence for a short period of time. Impeccable credit is not a requirement, but it is best to go through a detailed credit report to clean up any blemishes before applying for SBA loans.
Finding A Preferred SBA Lender
With new businesses coming into existence throughout the Colorado Springs area, it can sometimes take a long while for SBA loan requests to get processed. Fortunately, the SBA has recognized a select few organizations throughout the country as “Preferred Financial Services” companies. These organizations can fast track SBA loan requests and get Colorado Springs businesses the best terms and rates.
Get Started Today With An SBA Loan
If you own a business in Colorado Springs, and are looking to get funding from SBA loans, call WN Financial Solutions at 719-445-8211. We are a “Preferred Financial Services” company, and have the ability to process SBA loan requests quickly and efficiently, so that businesses have the financing they need for continued success.