SBA Loan Consultants (Financely Group): Your Expert Path to Business Funding

Financely
6 min readApr 3, 2024
Photo by bruce mars on Unsplash

Applying for a Small Business Administration (SBA) loan can be a complex and time-consuming process for business owners seeking funding. The SBA loan application process requires detailed planning, careful financial reporting, and extensive documentation.

To help navigate through this challenging process, many businesses turn to SBA loan consultants, such as those at Financely Group, for guidance and support.

Financely Group is a leading trade and project finance consulting firm that specializes in a wide range of debt and equity funding solutions, including SBA loans.

Their team of experts is well-versed in the necessary requirements and processes for obtaining SBA loans, ensuring a smoother and more efficient experience for their clients.

By seeking the assistance of a reputable SBA loan consultant like Financely Group, businesses can increase their chances of receiving the vital funding they need for growth, projects, or acquisitions.

Key Takeaways

  • SBA loan consultants like Financely Group provide expert guidance in navigating the loan application process
  • Businesses seeking SBA loans can benefit from the knowledge and expertise of an experienced consultant
  • Working with an SBA loan consultant can enhance a business’s funding opportunities and lead to successful loan applications

Understanding SBA Loan Consultants

Role of SBA Loan Consultants

As SBA loan consultants, we specialize in helping small businesses navigate the often complex process of applying for a loan through the Small Business Administration (SBA).

Our expertise spans various SBA loan programs, and our goal is to make the process as smooth and efficient as possible.

By partnering with an SBA loan consultant, businesses can benefit from expert guidance, tailored advice, and assistance with preparing required documentation, ultimately increasing their chances of securing the loan they need to grow and succeed.

Types of SBA Loans

There are several types of SBA loans, each designed to address specific business financing needs. Some of the most common SBA loan programs we assist clients with include:

  • SBA 7(a) Loan Program: This is the SBA’s primary lending program, offering loans of up to $5 million for a variety of purposes, such as working capital, equipment purchasing, and debt refinancing. 1
  • CDC/504 Loan Program: This program provides long-term, fixed-rate financing for major fixed assets, like real estate or heavy equipment. It’s intended for small businesses looking to expand or modernize their facilities. 2
  • SBA Express Loans: This loan program offers expedited approval for small businesses seeking loans of up to $350,000 for working capital and other purposes. 3
  • Microloan Program: The SBA Microloan Program provides small loans, typically under $50,000, to help small businesses and non-profit organizations with their start-up or expansion needs. 4

Benefits of Working with Consultants

Working with an experienced SBA loan consultant, such as Financely Group or Tenet Financial Group, can provide significant advantages for small business owners. Some notable benefits include:

  • Expertise: We possess extensive knowledge about the various SBA loan programs, their requirements, and the application process. This expertise can save businesses time and effort in researching and understanding these complex programs.
  • Tailored guidance: We take the time to understand your unique business needs and goals, enabling us to recommend the most suitable loan programs and assist with preparing a strong application that aligns with your objectives.
  • Increased approval chances: Our extensive experience working with SBA lenders allows us to identify potential red flags and address them proactively, increasing the likelihood of loan approval.
  • Streamlined process: As knowledgeable consultants, we can help you navigate the intricate SBA loan application process, ensuring a smoother and more efficient experience.

Navigating the SBA Loan Application Process

Preparing SBA Loan Applications

When applying for a U.S. Small Business Administration (SBA) loan, we understand the importance of being well-prepared.

The first step in the process is gathering all the necessary documents, such as our business plan, financial statements, tax returns, and collateral information.

A strong business plan should include detailed projections, marketing strategies, and management plans.

Additionally, updated financial statements and recent tax returns are crucial in demonstrating our financial stability and capacity to repay the loan.

To improve our chances of approval, we also need to ensure that we have a good credit score, as lenders typically look for a credit score of at least 680.

Understanding Approval Criteria

Once we have gathered all the necessary documents for our SBA loan application, it is crucial that we understand the criteria that banks and lenders use to evaluate borrowers.

Apart from a strong credit score, lenders also consider factors such as the loan amount, collateral, and business financial health.

Our loan application should demonstrate our ability to repay the loan, as well as our commitment to the success of the business.

It is essential that we present a well-thought-out proposal to the bank, detailing how the loan will benefit our business operations and growth.

Closing and Funding the Loan

After the application is submitted, the loan processing begins.

During this phase, the lender reviews the borrower’s qualifications, the business’s financial health, and the terms of the purchase agreement.

If the lender approves the loan application, it is then submitted to the SBA for approval.

Upon receiving SBA approval, we can now move forward with the closing and funding of the loan.

The loan closing process may involve additional documentation, such as signing loan agreements and finalizing any remaining paperwork.

Frequently Asked Questions

What are the eligibility requirements for an SBA loan?

To be eligible for an SBA loan, businesses must meet certain criteria, including being a for-profit business that operates in the United States, having a demonstrated need for financing, and a reasonable expectation of ability to repay the loan.

Additionally, businesses must have exhausted other options for financing before applying for an SBA loan. More detailed eligibility requirements can be found in the SBA Loan Guide.

How can I find a reputable SBA loan consultant in my area?

To find a reputable SBA loan consultant in your area, we recommend starting with the SBA’s Lender Match tool, which can connect you with approved lenders and advisors in your area.

Do research on potential consultants by looking up reviews, verifying their credentials, and ensuring they have experience working with businesses similar to yours.

What is the process for applying for an SBA disaster loan?

The process for applying for an SBA disaster loan involves completing an online application, providing documentation to support your eligibility and need, and working with an SBA representative to guide you through the process.

Accurate information and proper documentation are crucial for a successful application. Visit the SBA Disaster Loan Assistance portal to learn more about the application process for disaster loans.

Are SBA Express loans quicker to obtain than traditional SBA loans?

Yes, SBA Express loans are designed to offer an expedited approval process compared to traditional SBA loans.

These loans offer a faster turnaround time with the aim of providing more efficient financing options for small businesses.

For example, SBA Express loan decisions can often be made within 36 hours, whereas traditional SBA loans can take several weeks for approval. More information on SBA Express loans can be found in this summary of SBA loan programs.

What types of businesses are typically eligible for PPP loans?

PPP loans, or Paycheck Protection Program loans, are designed for businesses that are experiencing financial hardship due to the COVID-19 pandemic.

Generally, eligible businesses include those with 500 or fewer employees, sole proprietorships, independent contractors, self-employed individuals, and certain non-profit organizations.

The official SBA guidelines provide a comprehensive list of eligibility requirements for PPP loans.

Do all SBA loans require collateral?

Not all SBA loans require collateral, but many do.

Collateral can include business assets, real estate, or personal property. The type and amount of collateral required depend on the specific SBA loan and the borrower’s financial situation.

Typically, SBA loans with larger amounts or longer repayment terms are more likely to require collateral.

Check the SBA Loan Guide or consult with a qualified SBA loan consultant for specifics on collateral requirements for various SBA loans.

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Financely

We're a corporate finance advisory firm that helps clients tap into global capital markets in order to raise funding. Visit financely-group.com.