* Loans have a variable rate of Prime Rate plus 1.50% to 3.75%.
Why CFG for SBA Loans?
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Our technology enables fast and easy SBA loans with low monthly payments and great rates, while our marketplace of SBA preferred banks increases the likelihood of getting a “yes” by matching you with the lender most likely to fund your loan. And if you don’t qualify for an SBA loan, you may be offered the opportunity to opt in for one of our bank partners’ non-SBA options instead.
SBA loans have never been easier!
* Prime Rate plus 1.5% + 3.75% (subject to change)
Documents Required to Apply for an SBA Loan
CFG SBA loans are for financially healthy borrowers. Most businesses can qualify for these loans if they’ve operated for at least two years with good credit, have no recent bankruptcies or foreclosures, and have cash flow that is sufficient to make the monthly payments throughout the life of the loan. The actual approval requirements will depend on the on the individual lender and factors such as your business revenue, cash flow and credit scores.
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The best strategy to follow before you apply for these loans is to be prepared. The more readily available your documentation is, the faster you’ll move through the process.
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At CFG, we use intelligent automation to only request those documents that are actually needed based on your individual application. That means you won’t waste valuable time gathering and submitting unnecessary documents. It’s another way we support busy small business owners who have limited time on their hands.
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The right side is a checklist of the most commonly collected documents. It can be very helpful to work with your accountant or tax preparer to gather some of the financial documentation.
1.
Personal & Business Tax Returns
CFG requires the previous 3 years of business and personal income tax returns.
2.
Personal Financial Statements
A Personal Financial Statement is required from each individual owning 20% or more of the company.
3.
Profit and Loss Statement
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Also known as an “Income Statement,” a Profit and Loss Statement measures a company's financial performance over a specific period of time. This statement includes all revenue and expenses over a given period.
4.
Balance Sheet
According to the SBA, this statement provides an overall financial snapshot of your small business. As an equation, it looks like: Assets = Liabilities + Equity. The two sides of the equation must balance out to equal each other.
5.
Collateral
At CFG, collateral required depends on the SBA loan size. If you apply for a loan of $30,000 to $350,000, a lien on business assets is required. This includes assets such as accounts receivable or inventory, as well as fixed assets such as new equipment purchased with loan proceeds or commercial real estate owned by the business. The value of these assets does not need to equal the loan amount you are requesting.
6.
Other Documents
These can include entity and location documents such as business licenses, Articles of Incorporation, commercial leases, or franchise agreements.