* SBA 7(A) LOAN * FOR STARTUPS, EXPANSION, DEBT RESTRUCTURE, & COMMERCIAL USE * EXPERT INTERVIEW *

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* SBA 7(A) LOAN * FOR STARTUPS, EXPANSION, DEBT RESTRUCTURE, & COMMERCIAL USE * EXPERT INTERVIEW *
In this episode, I interview a seasoned SBA expert and we take a deep dive into all of the requirements, rules, and overall process of applying and getting approved for an SBA7(a) loan as a startup or an existing business.
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www.orangefi.com/theapprovedguy
TO CONTACT DENISE PLEASE SUBMIT www.orangefi.com/theapprovedguy
Denise Clemence is a Business Lending Specialist and vice President at Dogwood State Bank Small Business Lending. She specializes in helping small to mid-size business owners make educated decisions about their entrepreneurial future and take a consultive approach to each transaction. She has worked in the SBA arena, funding over $100MM in SBA loan volume over the past 17 years.
My name is Sebastien Boyer and I am The Approved Guy.
www.theapprovedguy.com/
I help people to start businesses, get access to funding, build business credit, and implement long term strategies to create and preserve generational wealth.
On this channel, I discuss relevant topics, provide free classes, hot tips, business resources, and fresh interviews! I cover a wide range of content, from starting a business to personal credit, business credit, financing, debt management, growing wealth, protecting wealth, and giving.
My purpose is to bless others with Kingdom principles and truth along with practical information that can be used to improve their quality of life and to encourage them to take action. I am especially energized when helping someone to overcome their fears of starting a business and launching out as an entrepreneur. This is one of the first steps in becoming an owner, a creator, and an influencer in your own Kingdom.
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www.startupcred.com​
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#sba7a #sbaloan #sbaexperience #theapprovedguy​​ #startupbusinessloan #orangefi #businessfunding​ #sbainterview
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Sebastien Boyer or THE APPROVED GUY and its affiliates do not provide tax, legal, or accounting advice the information presented on this website is presented for information purpose only, and following the advice in this video is the responsibility of the viewer and not the video creator. By participating in this KZbin page, you agree to comply with the following guidelines. In any case, the information provided is “as is” with all faults and without warranty of any kind, expressed or implied. In no event shall Sebastien Boyer, or any affiliate organization be liable for any damages, lost profits, or lost data even if we have been informed of the possibility thereof.

[@abdulghafoory3285]

I loved it. It was a great interview with the tone of useful information. 👍

[@richardgonzales4131]

Thank you for putting this together and sharing it! Very informative.

[@theapprovedguy]

Glad it was helpful!

[@IamAhShah]

Thank you for this Denise! wow.

[@porshabrooks6006]

You're right, I learned a lot from this video. Thanks Sebastien & thank you Denise.

[@chawanneburn5996]

Are you able to secure your grants application yet

[@joannamarquez4632]

Great video ! Thank you so much for the information.

[@desismaura9038]

This was great! I will share this with my team - we are in the planning stages of opening a business and needed this information.

[@theapprovedguy]

Thanks Desis, Please schedule a free consultation. When your ready me and my team will provide a complimentary assessment and assist you through the process! calendly.com/sebastienboyer/orangefi

[@fsjones87]

This was an incredible interview.

[@christophermangione6747]

Wow.... this is really good. I been wanting to submit a 7a loan. Now I feel very informed. I have a little work to do before coming to the plate. Thank you so much

[@theapprovedguy]

Thanks Christopher! You can schedule a free consultation with me. I work with several SBA banks including Denise and Dogwood. Every bank is different and may have some variation to what they require and accept. I can help you navigate that and get approved. I Provide this support complimentary. Schedule a call here> calendly.com/sebastienboyer/orangefi

[@marthaleon576]

thank you for all the great information about SBA... definitely like to follow up with Denise once I'm ready to as for a startup loan

[@Amazing.World.2024]

Amazing, Amazing, Amazing Video! thank you so much.

[@mikewoff]

Great interview, thank you both.

[@marshaaguiar500]

Great information! Thank you :)

[@whoisbabysavage]

Brother thank you this video was excellent and extremely informative you asked all the right questions all lace no chase. Thank you!

[@adamajet01]

0

[@Allmybusiness52]

Thank you. That was a very good learning video. There is a lot of great information.

[@ryanlarge2168]

Great video, and had all the answers I was looking for. Working on a business plan for a pizza food truck. :)

[@theapprovedguy]

Thanks for feedback. Please reach out for a free consultation if you would like my help. > calendly.com/sebastienboyer/sba-call

[@kenyaellis7352]

Great info!

[@IvannaMusicInc]

Great information! Thank you

[@richiehype1979]

Very informative!

[@robertdrobish9875]

Amazing interview... Loved everything she said, especially the part about patience and never give up on your dreams...

[@Apaul6857]

Best video on subject matter.

[@andrewalter7946]

It's like making a baby! I have had great success in that space so I'm looking forward to applying for my SBA Loan! Great video and very valuable information! Thanks Approved Guy!

[@chawanneburn5996]

Are you able to secure your grants application funding yet ,,

[@drking3000]

This is gold for me!! Instasubscribed!

[@theapprovedguy]

Thanks for subscribing!

[@user-dx7ky6qc4v]

Thank you sir and ms for the knowledge

[@KerryonBass]

Great content, thank you!

[@theapprovedguy]

Glad you liked it!

[@KrishnaPatel-lg7gm]

Great video, thank you!

[@theapprovedguy]

Glad you liked it!

[@jkulls1]

Thanks, looking to start my first business and this information was encouraging!

[@theapprovedguy]

Your welcome Jeff! Please take advantage of my website and a free consult. www.SBAEXPERIENCE.com

[@abelsolis3964]

Great video I appreciate you helping make this information available

[@theapprovedguy]

Glad to help

[@qsue101]

This was an excellent video, awesome information and we really appreciated it! Thank you!

[@qsue101]

How do I contact you?

[@theapprovedguy]

Hi Sue, Please schedule a call calendly.com/sebastienboyer/the-approved-guy

[@StephenHorrillo2]

Such a nice lady. One of my good friends is an underwriter working from home. She loves it.

[@faizmanga6628]

Thank u so much ausome information Great job

[@juancarlosguzman2827]

Thank you for sharing, great and helpful information

[@AmiLev]

Thank you for the video

[@jivelydavid7062]

This is exactly what I needed, thank you.

[@angelaseloti4964]

ty for this video

[@seansukhu2350]

Thanks good info

[@micole83]

Man did I learn a lot. I'm so grateful for this video

[@theapprovedguy]

I'm glad the interview is helping! Please schedule a free consult with me when your ready calendly.com/sebastienboyer/theapprovedguy

[@Jonnygurudesigns]

That was useful and insightful.. thank you both for this..

[@theapprovedguy]

Glad it was helpful!

[@Jonnygurudesigns]

@@theapprovedguy I have a question for you😊 I've been living and working abroad for the past 10 years.. I only have tax records from a foreign country.. do you know if that will possibly satisfy the 2 year tax records requirement?😊 Thanks a bunch

[@theapprovedguy]

@@Jonnygurudesigns please send me an email with the details of your situation to [e-mail] I’ll make a call or two and get us an answer!

[@ronkeobaro1647]

She is so funny, using shrimps as an example!

[@fujilopez3541]

TY!

[@theapprovedguy]

Welcome

[@abrahamzekios5252]

Good thanks.

[@feliciasims5279]

This was some very valuable information Thanks

[@theapprovedguy]

I’m glad to add value!

[@garyflowers7012]

Superb individual.. surely earn all the rights to wear SBA Queen very knowledgeable and very forthcoming with sharing information. Five-star interview.

[@SuperTaurus29]

tons of jewels great info

[@theapprovedguy]

Thanks for the positive feedback.

[@ygtcbee23]

14:32 SBA guidelines "Require" 6 months of loan principle and interest payments to be in the bank post closing. That is on top of the 10-20% cash injection aka "starting capital." Very important you come to the SBA with little starting capital the guildlines require you to have at least an additional 6 months of payments or existing cash flow not from the business. 18:30 SBA 7a loans under 350K are express loans and a borrower's SRSS scores, not really mentioned in detail, are the determining factor of approval.

[@theapprovedguy]

It's actually the SBSS score and that only applies for existing businesses. I work with many banks that will fund between $200k to $500k for startups where the SBSS score is not relevant. Everything is the same as we discussed in this video as far as 10-20 deposit or equity injection and 60 to 12 months post closing liquidity, resume/experience. Denise focuses primarily on loans $500k to $500mm or more, so her experience and information is primarily in that landscape. Please make sure you schedule a call with me if you are looking to get started!

[@ygtcbee23]

@@theapprovedguy Appreciate you coming back and clarifying things. As someone looking into a SBA loan significantly lower than $350K her statement at 18:30 is discouraging.

[@theapprovedguy]

ygtcbee23 I work with over 12 SBA banks some that lend in the range of $50k to $150k. Many that start at 200 minimum. Besides SBA, there are many other funding options available in the range of $20k to $250k. Most of my time is spent receiving applications daily, pre-underwriting the file, and helping my clients get approved for the funding they need. Don't let what one person says dismay you. Denise is an expert in her arena based on her bank's appetite in conjunction with the minimum SBA guidelines. Please watch my video on SBA loans in general kzbin.info/www/bejne/hWXHqZimf8pobLM

[@qsue101]

How do I call the approved guy?

[@theapprovedguy]

@@qsue101 Sorry for the delay in replying Sue. calendly.com/sebastienboyer/the-approved-guy-intro-call

[@jenniferzhaooo]

Such a beautiful and nice lady. Please bring her back!!

[@anthonyruiz2326]

Great Information, Great Timing 🙏🏼

[@theapprovedguy]

So glad!

[@zeezamis6895]

Thanks

[@targoltran]

Do small business owners still have to pay for liability insurance for their employees? or only if they hire W2 employees?

[@sagetajr]

I need a loan for a car wash. Will i need two separate loans ? One loan for the site/ location and the other loan for working capital , equipment, construction etc? Thank you!

[@theapprovedguy]

Hi Sagetajr, I will have to do a complete business assessment and profile to determine what you can qualify for. Please schedule a free call, no obligation calendly.com/sebastienboyer/letschat

[@jenniferogbuagu3202]

Beautiful. But I have more questions. Can you bring her back on ? 🙃 1) How helpful are letters of recommendation from from prominent individuals toward the 7a loan? 2) How helpful are MOUs or LOIs too? 3) Is it true that a criminal record will make someone ineligible for SBA 7a? 4) Which score are is considered? A single bureau ? A middle score? An average of scores? 5) Can you be a permanent resident and get a 7a loan? Like frfr 6) is there SBA 7a preapproval/ prequalification 7) If you get denied for a large size 7a loan , can you reapply for a smaller amount? 😭

[@theapprovedguy]

Please send me an email and I’ll get you answers... [e-mail]

[@theapprovedguy]

Hi Jennifer, I will confirm, but I don't think a letter of recommendation will make a difference. Your experience, credit, and cash flow are what really matter. I'm not sure about MOUs or LOIs. I will try to get an answer to that. As for a criminal record, it depends on what the crime was and how long ago it was. Financial crimes are a definite no. You can’t be on parole. More details will need to be given and submitted to the issuing bank. Keep in mind each bank will make its own decision above and beyond what SBA says. SBA scoring system which is almost 50/50 personal and business credit combined called FICO® SBSS℠ Score or FICO® LiquidCredit® Small Business Scoring Service℠. SBA loans will only be issued to a business where at least 51 percent of the business is owned by a U.S. Citizen (or citizens) or Green Card holder. You just have to apply. When you work with someone like myself, I will do a full workup on your profile and review your file with my bank lending partners like Dee before we submit an official application. Yes, you can always re-apply if you were decline for a larger loan. There may be a waiting period however of about 6 months. You can start with a complimentary business funding assessment with no obligation and no credit inquiry here > www.theapprovedguy.com/applynow

[@ericthered1140]

Im going through the process now to open a franchise. Ill update in 90 days. FYI the SBA7(a) loans should be completed by Sep 30 to get the incentives currently being offered.

[@theapprovedguy]

Hi Eric, Are you working with Dee?

[@frederickhargro5153]

Name the incentives please.

[@ygtcbee23]

How did the loan go?

[@young57734]

Any updates?

[@fritsdepalm5853]

im looking for a loan amount of $200K, with a payback period of 24 months. The business equipment can be the collateral, any help on where i can get a loan? do a pitch?

[@theapprovedguy]

I'm happy to help you. Please schedule a call.

[@danny4866]

I understand there's a "build" option for new construction under the 7a program? I'm interested in knowing about this.

[@theapprovedguy]

Certainly, please schedule a call for a free consultation.

[@dannyanderson5053]

@@theapprovedguy how do I schedule call?

[@theapprovedguy]

@@dannyanderson5053 here you go calendly.com/sebastienboyer/the-approved-guy

[@frederickhargro5153]

If you cannot get the needed amount from financial institution, can you get SBA Loan from multiple institutions?

[@theapprovedguy]

Hi Frederick, Unfortunately no you can not apply tor 2 SBA loans from 2 different banks or lenders at the same time.

[@junkyarddog7003]

Do SBA do loans for ground up c-stores with gas?

[@theapprovedguy]

Yes!

[@juancarlosguzman2827]

Question is the guest is only surviving in the Carolina’s or could be out of state business? Thank you

[@theapprovedguy]

I put together loans nationwide USA. Denise represents one of the banks that I work with. All of my banks service nationwide. If you need help, please schedule a free consult. I’ll get you on the right track.

[@felicia1ofakind]

Great video, but im looking for sba interview questions? When you get through the initial process and have a interview, what are good answers versus answers that will cause someone to not get funded?

[@theapprovedguy]

Honesty is the best answer. I'm happy to assist you further. Please feel free to schedule a call calendly.com/sebastienboyer/theapprovedguy

[@felicia1ofakind]

@@theapprovedguy do you have a promo code because it's not allowing me to book unless the promo code is there

[@theapprovedguy]

@@felicia1ofakind you can enter youtube

[@felicia1ofakind]

@@theapprovedguy Ok lets talk @ 4:30pm, I booked

[@thepixelproducer]

Would it be possible to get a SBA loan to start an online business? I want to scale up my buying, selling, and running multiple blog/affiliate websites.

[@theapprovedguy]

Most SBA banks are not going to participate in a startup online business. There are other options I can assist you with. Please schedule a free consultation

[@theapprovedguy]

Free consultation > www.orangefi.com/theapprovedguy

[@thepixelproducer]

@@theapprovedguy Thanks. I filled out the form but would like to have more information before I submit an actual application. Any way I can learn more about the whole process?

[@theapprovedguy]

@@thepixelproducer you can schedule a call to learn more about the process here calendly.com/sebastienboyer/orangefi

[@mr.millionaire4570]

can I get a SBA loan if I'm on unemployment But I'm going to use the loan to buy an existing laundromat in i Have a 777 credit score?

[@theapprovedguy]

It’s a possibility depending on your savings/cash on hand and assets/collateral. You may have to bring on a partner to help but we would need to look at a bigger picture than just credit and employment. Please schedule a free consult.

[@ricardovasq]

Hi Sebastian, I'm Ricardo and I just saw your video with The SBA Queen. I have been extremely interested in SBA 7a loan to build my business. I know it's been 6 months since this video was made. Have there been any changes to the guidelines Ms. Denise mentioned in this video. I would really be Interested in someone like yourself or Ms. Denise helping me acquire SBA 7a funding to build my business.

[@theapprovedguy]

Hi Ricardo, Please schedule a free consultation here calendly.com/sebastienboyer/sba-call

[@LE-1979]

Is it possible to get a business loan with a six year old chapter 13 bankruptcy on your record?

[@theapprovedguy]

It is possible, yes!

[@ajkauly3682]

i was advised that my loan amt was too small, since the bldg was 150k and i estimated 70k of improvements, =220k total, that i would not get a loan for so little! why is this? i rebuild bikes and have 60k of stock and my own tools an dfixtures already, i need not get much past the building itself!

[@theapprovedguy]

Hi Aj, Please schedule a call and I’d be happy to help you.

[@abrahamjackson6019]

Looking to start a one-man trucking company how much could you borrow up to ?

[@theapprovedguy]

Hi Abraham, I have a client this past week that I was able to help get $75k unsecured at 0% interest for 12 months + a new $120k truck + $55k on an equity cash out. Everyone is different. I will have to do a complete business funding assessment and profile workup for you. You can schedule a call with me to discuss for free and no obligation here calendly.com/sebastienboyer/letschat

[@abrahamjackson6019]

@@theapprovedguy I have a 12:00 pm appointment, not sure how this work. Will you be calling ?

[@theapprovedguy]

@@abrahamjackson6019 yes I will call you at the designated time. I look forward to our call.

[@stilllearning7981]

Can you use a 7a loan to pay off another non SBA business loan?

[@theapprovedguy]

Thanks for your question! You cannot use an SBA loan to payoff another SBA loan. You can get approved for more than 1 SBA loan, however. You can also use an SBA loan to payoff or debt restructure other business loans (not credit cards).

[@stewartnelson5945]

Thanks, how do I get in contact with you?

[@theapprovedguy]

Hi Stewart, Please schedule a call for us to speak. Schedule here > calendly.com/sebastienboyer/orangefi-sba-call

[@unicornglamor7407]

So the maximum amount in SBA loans you can accumulate at any given time is $5M. Good to know...

[@daverobau9656]

SBA funds a start-up? Umm, I doubt that. I’ve had three different brokers tell me the complete opposite.

[@theapprovedguy]

Hi @daverobau9656, Those 3 brokers had no idea what they are talking about. I work with 25 banks and all of them will fund a startup under the correct circumstances. The problem is banks can choose to participate or not. Those brokers are working with banks that that choose to not participate. The lady in this interview is a SBA loan officer veteran for 20 years and she was speaking on behalf of her bank. She's not a broker. I'm a broker and I assure you those 3 "brokers" are wrong. I'm happy to help, please schedule a free consult.

[@jenniferiles5479]

What does the credit score need to be?

[@theapprovedguy]

Some banks may say as low as 650, but I would not recommend applying with less than 680. No bankruptcy. No late payments or collections in the past 3 years.

[@Hank_da_Tanks_Flights]

Can you have an EIDL and apply for a SBA7a?

[@theapprovedguy]

Yes you can!

[@NateJHuber]

At 19:00 she says SRSS score. Did she mean SBSS score?

[@theapprovedguy]

Yes, correct SBSS Score!!!

[@internationaldough5930]

How can I contact u

[@theapprovedguy]

Hi Mogul, you can schedule a call here calendly.com/sebastienboyer/phone-call

[@taco33150]

This includes re- finance ?

[@theapprovedguy]

Yes

[@taco33150]

Struggling businesses to?

[@theapprovedguy]

7(a) is not for struggling businesses. It is not a save te day loan like the EIDL or PPP. This is for businesses that can show strength and growth.

[@havefaithongod4942]

How much u charge for a 7A loan ?

[@theapprovedguy]

I don’t charge for the loan. I am partnered with 12+ banks the are SBA preferred and they share revenue with me. In some cases if you require a lot of my time for packaging, I may add a $2500 consulting fee. Especially on smaller loans. We can discuss and negotiate on a free consultation. calendly.com/sebastienboyer/the-approved-guy-intro-call

[@vernont.mccants5319]

I will tell you the God honest truth. That was by far one of the best and most Informative videos I have seen. I will be contacting her. Hopefully they help can guide my SDVOSB

[@theapprovedguy]

Hi Vernon, Please schedule a call here > calendly.com/sebastienboyer/sba-queen-interview

[@avantsoapstudio6654]

Great info!

[@theapprovedguy]

Glad it was helpful!