Business Loans - How to get a loan for a startup, new business, or a growing company. SBA bank loan

[@marreerawls6577]

First off, I have an LLC for my business since Jan. 2021, since the business is less than a year old it will not qualify for the sba loan. I tried it and they do not offer any start up loans they will offer to help you get 500 dollars. listen to the key words working capitol. Meaning the profits or money you business has made or already have. and you need a business account with a bank.

[@robertstevensonjr]

Great video Katie. I liked it. Very informative. Thank you so much.

[@Zizzyyzz]

Very informative. Thanks! 👍🏽

[@KatieStOresCFPChFCEA]

[11:23am PST] @SaintOres.com Thanks Nah, Glad it was helpful!

[@LeoLandaverde]

Katie, great video. I really like how you did the walkthrough on the SBA website. The use of the SBA matrix was nice.

[@KatieStOresCFPChFCEA]

Thanks Leo, You look like the Pro on SBA funding. Maybe it's the goatee... I'll have to grow one for my next video. Your KZbin channel @LeoLandaverde has tons of great SBA info. Good luck.

[@LeoLandaverde]

@@KatieStOresCFPChFCEA Thanks Katie! LOL on the goatee, I heard that before! Yes, I am a commercial loan broker with specialty in SBA funding. You're putting out some great content. I am a fan!

[@mortalman2330]

@@KatieStOresCFPChFCEA hi please can I get your WhatsApp number?

[@kattyblessing1937]

Thanks Katie 😊

[@KatieStOresCFPChFCEA]

[11:31am PST] @SaintOres.com Thanks Katty, Glad you like it.

[@adamev1104]

Thank you Katie for the video 👍🏻

[@KatieStOresCFPChFCEA]

[9:32am PST] @SaintOres.com Thanks Adam, You are so welcome!

[@Mr.Consitution]

Great SBA Loan(s) explanation

[@KatieStOresCFPChFCEA]

[10:43am PST] @SaintOres.com Thanks Todd, I appreciate the nice comment.

[@Mr.Consitution]

@@KatieStOresCFPChFCEA Katie, may need your advice, services at a later date, Again, Thank you, Todd

[@francescomaurobaldini1555]

Hello, Thank you very much for your video.It is very clear and helpful.Now I do have a better understanding of the variety of business loans offered in the SBA internet site🙏

[@KatieStOresCFPChFCEA]

[10:43am PST] @SaintOres.com jThanks Francesco, Glad it was helpful!

[@Misha_How_To]

Thanks for the info.

[@Leonmiller407]

To the point, I love it. Thank you!

[@KatieStOresCFPChFCEA]

[10:33am PST] @SaintOres.com Thanks Leon, Glad it was helpful!

[@abrahamzekios2666]

Thanks for your information.

[@KatieStOresCFPChFCEA]

[9:42am PST] @SaintOres.com Thanks Abraham, I'm glad it was helpful.

[@vanmelife5766]

Is it possible to get a 7a loan for equipment while having an outstanding SBA loan?

[@KatieStOresCFPChFCEA]

[12:31pm PST] @SaintOres.com Hey Van, As long as your lender allows it, you can have multiple SBA loans at the same time. To qualify for a second SBA loan, your first loan should be in good standing, and you'll want to have positive cash flow, strong credit, and sufficient collateral.

[@richardgrable6741]

Great video Katie

[@KatieStOresCFPChFCEA]

[10:17am PST] @SaintOres.com Thanks Richard, I'm glad you liked it....

[@peterjohnson7632]

How do you apply for the SBA Express loan

[@KatieStOresCFPChFCEA]

Hello Pete, Find a lender and you can start your application process with them. It's best to find a smaller, local lender. Here's the link.... www.sba.gov/funding-programs/loans/lender-match

[@scott_t_woodsman]

Great, I’ll take a look at the SBA site tomorrow.

[@KatieStOresCFPChFCEA]

google.com/localservices/review/taxesbykatie Thanks Scott... I appreciate the review.

[@speiro06]

So we organized an LLC for a new business exactly two years ago, started raising private funds, marketing, building our space, and planned to open March of 2020 right as the lockdown hit. We were forced to stay closed till Nov over which time I had to incur 125k of personal debt to keep it afloat. We did not qualify for PPP because we didn't have payroll by Feb 2020. The SBA lender I spoke with yesterday said we don't qualify even though we've been in business for two years because our doors weren't open for the full two years. I need a loan to refi our personal debt into business debt. We do about 14k/mo in rev so I didn't think it'd be a problem. Apparently it still is. Any guidance?

[@KatieStOresCFPChFCEA]

[11:11am PST] @SaintOres.com Hey Sean, Not too sure of your exact situation. But since it's up to the lender, try a few different lenders. Credit Unions are a good choice since they are owned by the depositors. Maybe try the community advantage loan- very vague description (underserved community or MARKETS). Give the SBA free business counseling a try. It will be a local organization/person that helps you. Most lenders like to see a thorough business plan. The old joke...Most lenders don't want to lend you money unless you can prove you don't need money.

[@shanreacts]

Can you send link for 7(a) loans

[@KatieStOresCFPChFCEA]

[2:57pm PST] @SaintOres.com Hello Shantel , Sorry for the delay, KZbin sent you to "Held for review" for some crazy reason.... Sure, here you go. www.sba.gov/funding-programs/loans/7a-loans - The official website of the Small Business Administration (SBA) with information about 7(a) loans.

[@djcuso6174]

Are there any other options or programs that are Available. I'm trying to purchase a building but it doesn't look like sba guidelines will benefit me at all.

[@KatieStOresCFPChFCEA]

[10:43am PST] @SaintOres.com Hello DJ, Reach out to your local financial institutions. Some commercial real-estate lending programs are available and specific to each state. Credit Unions are usually a good choice since they are local and owned by the depositors.

[@jagdishdave3671]

Is their any kind of SBA loan for 7 eleven franchisee? if yes i need to help to get it.

[@KatieStOresCFPChFCEA]

[12:51pm PST] @SaintOres.com Hey Jagdish, If you qualify, 7‑Eleven has an internal program that provides up to 65% financing on your initial franchise fee. Your Franchise Sales Representative can provide you with additional details.

[@chyronner9271]

How do you apply for this loan?

[@KatieStOresCFPChFCEA]

[9:32am PST] @SaintOres.com Hello Chyronne, You have to first find a local SBA lender. Try and find a small local bank or credit union. Here is the direct link to the SBA lenders www.sba.gov/funding-programs/loans/lender-match Here's what they say. "Start or expand your business with loans guaranteed by the Small Business Administration. Use Lender Match to find lenders that offer loans for your business."

[@notrapq421]

This is amazing

[@KatieStOresCFPChFCEA]

[11:05am PST] @SaintOres.com Thanks... Wait for the sequel, should be even more amazing....

[@Finalize777]

You need a credit score around 790 for any of these loans?

[@KatieStOresCFPChFCEA]

[10:03am PST] @SaintOres.com Hey Finalize, 504 loans have the strictest credit requirements of any SBA loan. Typically, a minimum credit score of 680 is required because they often have significantly lower interest rates for purchases of commercial real estate. Where SBA Microloans have somewhat less stringent credit requirements, with a minimum credit score of about 620.

[@kbsantana]

@@KatieStOresCFPChFCEA let me know WHO is lending money with these programs. NOBODY.

[@kianasavoie9078]

@@KatieStOresCFPChFCEA for the micro loan, what would my personal income need to be for approval?

[@KatieStOresCFPChFCEA]

​[11:11pm PST] @SaintOres.com @@kianasavoie9078 Hey Kiana, You should try reaching out to the SBA Counselors directly and clarifying it with them. They give advice based on your location. Here is the link to the "Find Counselors" page. www.sba.gov/local-assistance/find

[@furahabusinessmaneugene8683]

Hei , kate SBA work with American’s company only , they don’t work with international company based out of American ??

[@KatieStOresCFPChFCEA]

[10:13am PST] @SaintOres.com Hey Furaha, The business has to be physically located and operated in the U.S. or its territories. The best way is to contact the SBA’s Answer Desk at 800-827-5722 and talked to them regarding your specific situation.

[@anthonyrainey5822]

What loan program do you recommend for those with poor credit scores

[@KatieStOresCFPChFCEA]

[10:33am PST] @SaintOres.com Hey Anthony, I would recommend to use the SBA counselors since they will be local. The SBA offers local assistance at no charge. Take advantage of the help since the assistance comes from local counselors and the lending will be local. Here is a link to the SBA assistance. www.sba.gov/local-assistance/find You probably know how hard it is to get a business loan. The SBA says that only 25% of loans are approved at large banks, but 50% are approved at smaller lenders and credit unions. So even at small lenders, half the people don't get loans. But, half the people do. It's like the old joke... You have to prove to the bank that you don't need a loan before they will give it to you.

[@Md-pp8sk]

Your saying starting a business but you saying you have to have money invested

[@KatieStOresCFPChFCEA]

[11:51am PST] @SaintOres.com Hello M d, Yes. Lenders(banks, credit unions, etc) like to see that you have an 'interest' in your new business. For example, before my business started, I had to invest time and money for higher level education, and a bunch of professional licenses. I also had computers, printers, furniture, etc before even renting an office. Lenders love that stuff. Just finished a tax return for a new landscaping business who started with a used truck, trailer, mower, and some chainsaws. It was easy for him to get a loan on a new mower. Important that you have some skin in game. Good luck.

[@alexhugh3936]

How can I get the Covid-19 relief loan

[@KatieStOresCFPChFCEA]

[10:03am PST] @SaintOres.com Hello Alex, If you are talking about COVID-19 EIDL, then follow this link. It has all the information to guide you through the process. www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl

[@wealthprofit8267]

Can I get it if I just started my business?

[@KatieStOresCFPChFCEA]

[10:33am PST] @SaintOres.com Hello Wealth, Yes, the SBA does have programs available for new start ups. Picking a local lender helps. Like the old joke says: The more you can prove that you don't need the loan, the better chance you have to get a loan.

[@strongkush1268]

What about the covid 19 relief loans ?

[@kristelali2922]

Hi..Can we avail these facilities outside US..we are located in Philippines...

[@KatieStOresCFPChFCEA]

[9:52am PST] @SaintOres.com Hey Kristel, The best way is to contact the SBA’s Answer Desk at 800-827-5722 and talked to them regarding your specific situation. They are usually very helpful.

[@abdulaiabdulkarim4509]

Am from West Africa Ghana I will need your help for my construction business

[@KatieStOresCFPChFCEA]

[10:15am PST] @SaintOres.com Hello Abdulai, My profession is taxation and wealth management. BUT.... If your business is in the US, then the SBA offers local assistance at no charge. Take advantage of the help since the assistance comes from local counselors and the lending will be local. Here is a link to the SBA assistance. www.sba.gov/local-assistance/find

[@lgvegalaw]

Credit scores for 7(a) loans are over 700 not 790.

[@tayandjaypavedaway1284]

I tried to get a micro loan to start my business and got denied

[@tayandjaypavedaway1284]

No sir

[@KatieStOresCFPChFCEA]

[10:03am PST] @SaintOres.com Hello Tay, You can always apply with a different lender for a SBA loan. Take advantage of the SBA assistance (www.sba.gov/local-assistance/find), they are local advisors. Lastly, be careful with who you talk to in the comments section. Some are not who and what they say they are and I would hate for you to be taken advantage of.

[@tayandjaypavedaway1284]

@@KatieStOresCFPChFCEA I’ve been trying to get a lender off the SBA site

[@KatieStOresCFPChFCEA]

[10:13am PST] @SaintOres.com I completely understand how hard it is to get a business loan. The SBA says that only 25% of loans are approved at large banks and 50% are approved at smaller lenders. So even at small lenders, half the people don't get loans. So, look for a local credit union or small bank. And like I mentioned earlier, get in contact with one of those SBA advisors. Most people tell me that they are a lot of help.

[@jagdishdave3671]

Thank you very much for the detailed SBA loan for small business loans but can you please tell me how can I apply for SBA express or any 701a loans? i have tried in past but they are said 7-11 is not illegible for SBA loans can please inform me what should I do to apply for loan

[@KatieStOresCFPChFCEA]

[9:52am PST] @SaintOres.com Hey Jagdish, The best way is to contact the SBA’s Answer Desk at 800-827-5722 and talk to them regarding your specific situation. They are usually very helpful.

[@mylovenemashetti2458]

I m Indian so can I use this opportunity

[@KatieStOresCFPChFCEA]

[10:49am PST] @SaintOres.com Hello Mylove, I'm not too sure about this one. You should try reaching out to the SBA directly and clarifying it with them. Here is their contact number. You can contact the SBA's Answer Desk by e-mail [e-mail] or by telephone at 800-827-5722.

[@kellythreadgill2065]

My SBA License Expired/ Needy to Reply Secondarily in NYC/ Costs Ok $115/ 2015.

[@andrewnarine9997]

I don't live in the U.S. but I have an LLC and AN EIN, bank account also can I get funding for my business?

[@robertstevensonjr]

I'm saving the video so I can watch it later. Im in need of some financial assistance.

[@KatieStOresCFPChFCEA]

[11:59am PST] @SaintOres.com Hey Robert, It helps to pick a local small bank or credit union. The percentages double for loans given out.

[@robertstevensonjr]

Appreciate the info. Im actually looking at some right now. They have teachers credit union, Navy credit union and so forth. Which credit union do I start with?

[@KatieStOresCFPChFCEA]

[12:31pm PST] @SaintOres.com You're welcome Robert. The SBA offers local assistance at no charge. Take advantage of the help, since the assistance comes from local counselors and the lending will be local. Here is a link to the SBA assistance. www.sba.gov/local-assistance/find

[@nuskidaprince]

Hey how can you help me get the loan I have a real llc business ma can you do it for me

[@prophetmajon2789]

Can you take the loan while in Ghana.

[@KatieStOresCFPChFCEA]

[9:52am PST] @SaintOres.com Hey Prophet, You should be able to as long as you satisfy all the requirements.

[@gregg1667]

Hey Kate am I able to talk to you

[@frankgallo2946]

as a former SBA loan officer. This was a very quick and easy explanation for small business owners 👍🏻👍🏻 business owners should show a business plan in addition to well prepared financial statements including forecasts …. and have no criminal background

[@KatieStOresCFPChFCEA]

[10:23am PST] @SaintOres.com Hello Frank, Thanks for the input. You'd be the perfect person to post an SBA Loan video on KZbin. When people ask for more help, I direct them to the SBA assistance site. People seem to be getting very helpful ideas there, and they are local. Thanks again.

[@Hellocali1]

Does a person’s income matter on personal tax returns or does the SBA mainly look at the finances of the business?

[@frankgallo2946]

@@Hellocali1 both for sure

[@Hellocali1]

@@frankgallo2946 thanks . If income is low on a personal tax return, will that affect being qualified for a business loan in your opinion?

[@KatieStOresCFPChFCEA]

[12:15pm PST] @SaintOres.com Hello TC, Expanding on what Frank (@frankgallo2946) said. Lenders want to know that you have some skin in the game. Start with a local bank or better yet, a credit union. Many business lenders require prospective borrowers to meet minimum annual revenue/income requirements to qualify for a loan. Good luck!

[@spencerblanc2848]

Getting a loan this period to fund your business is risky because of the % interest. In the long run you keep paying debts.

[@onyigold9159]

Can one from Nigeria get the loan

[@KatieStOresCFPChFCEA]

[11:31pm PST] @SaintOres.com Hello Ruth, The SBA says that financing is available for “businesses that are 51% owned and controlled by persons who are not citizens of the US, provided the persons are lawfully in the United States.”

[@malipempleo5119]

How can i apply this I have business complete permit I need additional capital i'm the owner of this business

[@KatieStOresCFPChFCEA]

[10:43am PST] @SaintOres.com Hello Malip, The SBA offers local assistance at no charge. Take advantage of the help since the assistance comes from local counselors and the lending will also be local. Here is a link to the SBA assistance. www.sba.gov/local-assistance/find

[@biggoonkanye2989]

Katie, you are smart and HOT!!! Thank you!

[@lakbirmo4540]

Thank you very much for your help , I’m self employed driving for Lyft and Uber . I don’t have any collateral or assets beside my car and my furniture… when I received the invitation for the loan increase ; I did apply and received the increase and this is the second time I’m receiving the increase , after the original loan from last year . When I opened my loan account portfolio today : I found the blue box , sending me an invitation asking me for the increase up to $198K . My question please; can I get the whole amount even though I don’t have any collateral ? God bless

[@KatieStOresCFPChFCEA]

[1:22pm PST] @SaintOres.com Hey Lakbir, If it is an EIDL loan then call 800-659-2955 or email [e-mail]. If it is not an EIDL loan then first you should try reaching out to the SBA by calling 800-827-5722 and they should be able to guide you from there.

[@FroggyBlake]

Hi

[@ronliebermann]

It’s not the taxpayers job to loan money.

[@nagagreams4698]

Hi