SBA Loans Explained: Types of Loans, Interest Rates, and What to Expect From the Process

[@RT-qz5ci]

Take it from me, I went chapter 7 bc of an sba loan. Do NOT ever sign the personal guarantee. Get whatever amount of money you can without the guarantee. Thank me later.

[@therealloulove]

Why

[@RT-qz5ci]

@@therealloulove because if things don’t go as planned the SBA will not settle, they will aggressively persue you in court and try to take everything from your family. It just happened to me. Do not give them any leverage over you.

[@noillcallyou]

So you didn't pay what you guaranteed?

[@marcishears3774]

The banks are so messed up . They charge 7% or higher to loan money but if I put money in a Cd I’m only getting .01%. The prime rate should work both ways.

[@mohammedsiddiqui3098]

Hi What is a SBA loan application fee and how much does a typical SBA loan of $250000.00 cost, beside the principal and interest.

[@alfredpangilinan2960]

I’m looking to buy a laundry/cleaner business. Valued at $800k. What kind of down payment am I looking at?

[@noillcallyou]

10% 80k

[@austinpeters8787]

I have an LLC and want to begin building houses. Can I take out an SBA loan to cover the cost for the first house then continue my next projects with the profit from that house?

[@carlosvelez7535]

Hi Joe how do you calculate the amount that a business qualifies for?

[@GrowbyJoe]

It will depend on a number of factors, including a business's revenue, credit score, time in business, debt to income ratio, etc. My team does a great job of walking you through the qualification process and explaining how your company fits into the capital markets. I recommend speaking with them! Use this link to apply: kzbin.info?event=video_description&redir_token=QUFFLUhqbGgxWS1HbHZDSXlzOGdKQWlnSDdfVWV2WEJtQXxBQ3Jtc0tsbVpxNElqMzd6UFlaaTdwOS1aaTBXNnZqV3VDTXBWSkpWYm8yNUEtcHl3RkZUelBDY0U5UHN5SXBhSU0wWEUtOWlPajVxTDBkMXVtX2pKaWJkTnlNc3FzUTdraXBQeC1zZmNxQm1ZakNxTVVEOERfRQ&q=https%3A%2F%2Fwww.nationalbusinesscapital.com%2Fapply-now%2F%3FDKZbin%252C%26Dorganicsocial%252C%26DSBA%2BLoans%2BExplained%253A%2BTypes%2Bof%2BLoans%252C%2BInterest%2BRates%252C%2Band%2BWhat%2Bto%2BExpect%2BFrom%2Bthe%2BProcess&v=lNnoO9VriRM

[@Goddess8888-Winner]

Thank you for your knowledge on an SBA loan. I would like to know if the SBA loan funded to an SCorp in which i am the 100 % shareholder. Would this SBA loan be considered capital basis for me as a shareholder. My SBA loan is for 30 years repayement.

[@GrowbyJoe]

You should check with your accountant on that question.. It would be a loan to your corp but not sure on capital basis...

[@malcolmmueller734]

If the loan is directly to the s corp, it would be debt to the s corp not capital. If you personally guarantee the loan it provides debt basis that will allow you to take tax losses.

[@awasomeur]

Quick question...I work in a liquor store and wanted to buy a liquor store..as a first time business buyer will I get SBA..

[@matthewleitch2458]

Are SBA loans available for purchasing businesses? The businesses itself is more than two years old but we would be new management

[@GrowbyJoe]

Absolutely! Here's the SBA's guide on buying a business: www.sba.gov/business-guide/plan-your-business/buy-existing-business-or-franchise

[@willinthearea6318]

Can I use this loan to flip houses?

[@jeffhadloc5132]

What happens if I am trying to secure a funding as a first time business owner and do not have that historical business tax returns? Would I still get approved?

[@GrowbyJoe]

You would have to work with a lender specializing in startups. They'll understand that you don't have the standard documents and will request alternate documentation, like bank statements, etc., to determine your eligibility. Remember -- Always check into the reviews of a lender before you work with them!

[@daniellebrzusek5050]

Is there any loans available for new businesses which have only be in business 1 year?

[@GrowbyJoe]

Of course! Get connected with my team and let's work out what your options are. www.nationalbusinesscapital.com/apply-now/?KZbin%2C&C&SBA+Loans+Explained%3A+Types+of+Loans%2C+Interest+Rates%2C+and+What+to+Expect+From+the+Process

[@NotAllSwtNSourChcknOvaHere]

I'll be reaching out Monday morning. Thank you for the great information

[@josephcamberato9525]

awesome!!

[@GrowbyJoe]

My pleasure! Happy to help and appreciate the feedback!

[@traceyevans2757]

What if my business is seasonal and I’m starting my second season. Also, does it matter if I just got my LLC.

[@GrowbyJoe]

I recommend speaking with my team about your situation. They can offer a more specific answer: www.nationalbusinesscapital.com/apply-now/?KZbin%2C&C&SBA+Loans+Explained%3A+Types+of+Loans%2C+Interest+Rates%2C+and+What+to+Expect+From+the+Process

[@outsidewithquad8123]

How does this work for franchises? Is education such as a MBA enough to substitute the actual in person work experience?

[@louistiches4810]

Do they offer an incentives for SDVOSB?

[@vivianle1278]

How much credit score to qualify for SBA (7a) loan?

[@coreyblaser]

620 is the SBAs minimum, but it really comes down to what the lender needs to see to feel comfortable with you as a borrower. And that will vary.

[@NicholeNark]

some of these are hard to get, i could refer a program i got easily.

[@StellaKate-h8e]

I have a reliable source for you

[@jenniferwright2622]

​​@@NicholeNarkyes could u plz refer me. Would be awesome Thanks!

[@KyleCollins419]

​@NicholeNark can you please share I would love to know

[@aziziddrisu7858]

What’s the best link to apply for SBA Loan

[@GrowbyJoe]

You can fill out an application directly on our website. Here is the link, www.nationalbusinesscapital.com/apply-now/ One of our business finance advisors will contact you as soon as you submit your application!

[@aziziddrisu7858]

@@GrowbyJoe cool

[@luichavez855]

What if you’re barely starting the business ? Brand new and have not been in operation

[@GrowbyJoe]

The SBA looks for at least two years in business for their eligibility. Once you reach 6 months and have a history of generating revenue, there are a few non-bank lenders you can work with, but the SBA won't necessarily be an option until you've hit that 2-year milestone.

[@LavenderLemur]

Very grateful for your video! Thanks for explaining and sharing the resources you offer!

[@GrowbyJoe]

Glad you enjoyed the video, thanks for watching!👍

[@Piggykiller]

Looking to start a business. I just getting started and getting my LLC to acquire come assets. My business does not have any history as ofmn yet. Any advice would be great.

[@GrowbyJoe]

You can use a SBA 7A loan to buy an exisitning profitable business with only 10% down..I would do that!

[@dhope58]

@@GrowbyJoe So are you saying someone can get an SBA 7A loan to buy an existing business even if the buyer has no experience in that field? For example say someone with oil field experience wants to buy an existing restaurant they could be approved for an SBA 7A loan if they have the credit, etc needed to qualify?

[@GrowbyJoe]

@@dhope58 You need some level of experience to show the SBA that you’re a trustworthy borrower. Lenders don’t just consider credit score, revenue, business history, etc… they’ll also look into who you are as a borrower. Think of it from the lender's perspective: If the borrower has no experience in that particular industry, they’re not going to understand the unique nuances, which gives them a more uphill battle to success. That’s not to say it’s impossible for someone with industry experience to be successful in another industry, but from a lender perspective, it needs to make sense for them to move forward. Let’s say you’re keeping the staff from the acquired company and hiring some specialists in the field… this can show them you’ve thought through your lack of experience, and it might give you more negotiating power. Keep in mind that the SBA guidelines are notoriously rigid, though. Feel free to reach out to my team about this! They can walk you through the SBA process and give you some info about how lenders evaluate applications.

[@v1Accevt]

how do SBA loan requirements work with new business owners? follow up: what if they're turning 18? can they still be approved without person/business tax returns?

[@nomercy1668]

does age matter in getting sba loa.Can a person that is 18 years old get a sba loan ?

[@GrowbyJoe]

You have to be 18 years or older in the United States to qualify for a SBA loan. Other aspects will determine if you qualify for a SBA like credit score, time in business, the nature of the business, and the ability to repay the loan!

[@DianeDogan-ki1qx]

How do I apply for hardship

[@GrowbyJoe]

I recommend reaching out to your lender about this ASAP. They'll have more info about specific programs you can qualify for.

[@tonysaenz]

Consider removing the music. Thanks for the info though.

[@GrowbyJoe]

I appreciate you taking the time to check out my video! Thank you!

[@brandonmcmillan9641]

​@@GrowbyJoeI like the music.

[@GrowbyJoe]

@@brandonmcmillan9641 Glad you enjoyed the video, thanks for watching!👍

[@ernestopenashaw7601]

@@GrowbyJoethe music is nice

[@Zia-b5x]

Why do with music we want to listen?

[@Black_mamba_89]

How do we contact you?

[@GrowbyJoe]

Reach out to my team at www.NationalBusinessCapital.com

[@NicolePerkins-il1sl]

Very professional and easy to follow along with, good detail and very professional information!

[@GrowbyJoe]

Glad you enjoyed the video, thanks for watching!👍

[@FarahDaie]

The background music is pretty disturbing. I had to leave in the middle of your video. Please consider a video without music. You have a lot of good information. I wish I could stay longer and listen to you.

[@ConsultWithEdouard]

Haha, sorry about that okay. Few of us complained and hoped it would get better. Need any information?

[@capricealves587]

I am just starting out. I need at least a 50,000 loan to get it up an running

[@GrowbyJoe]

You can fill out an application directly on our website. Here is the link, www.nationalbusinesscapital.com/apply-now/ One of our business finance advisors will contact you as soon as you submit your application!

[@zeroinblack7317]

What if we haven't started the business because we need funds for equipment???

[@NicholeNark]

some of these are hard to get, i could refer a program i got easily.

[@thomashermschulte4059]

​@@NicholeNarkcould you please send me that information? Thank you.

[@NicholeNark]

@@thomashermschulte4059 hello there, i got funded for the "alibaba grant program". i advise you reach out to

[@NicholeNark]

loanagentjude

[@NicholeNark]

on lnstagram

[@papajoe5331]

looking for a business loan... 250k ,, in business for 3 years as a wedding/event business does 220k per year looking to take out a private loan we have and use the rest to expand... good credit... good everything..

[@PermanentHigh]

Why go private if your numbers are strong?

[@GrowbyJoe]

Reach out my team @ www.nationalbusinesscapital.com we will help figure it out.. or apply here kzbin.info?event=video_description&redir_token=QUFFLUhqbkpjNGp0VmFhbFF4ZkQ0U2tQNmJRWFNxbWJEQXxBQ3Jtc0tsWUlXbEFfZnRUc3N0amt5aXc3VC1yUFA1MjRYamwteV8tOEF4QUZNVUJaazFmN0FMOHJScl94alVveGt4RTFmUlFGMDVTS3lpRmxDb0NtNGo5M3B0SjNHaldJZDcyWnR2NEU4cHY1WFd5cWVfQ1VSZw&q=https%3A%2F%2Fwww.nationalbusinesscapital.com%2Fapply-now%2F%3FDKZbin%252C%26Dorganicsocial%252C%26DSBA%2BLoans%2BExplained%253A%2BTypes%2Bof%2BLoans%252C%2BInterest%2BRates%252C%2Band%2BWhat%2Bto%2BExpect%2BFrom%2Bthe%2BProcess&v=lNnoO9VriRM

[@alexandervalladares2501]

Very informative video Joe ... Thank you !

[@GrowbyJoe]

Thank you !!!

[@yourfriend4170]

Amazing thank you for the details!

[@GrowbyJoe]

Glad you enjoyed the video, thanks for watching!👍

[@Annita-c7k]

I have a Question, what happens when both the borrower and his coworker die? What happens with the SBA loan?

[@GrowbyJoe]

That is interesting (and unfortunate) question. Some SBA loans are insured for this. You will want to check into that with lender. Usually the loan is still also gaurenteed by the Corp/company as well and they will have a UCC filing on those assets. SBA loans are also PG'd. So it would prob have to be paid by the company or may move to the borrowers estate..

[@Denault89]

I’m just trying to get approved for the amount of $120k

[@GrowbyJoe]

You can fill out an application directly on our website. Here is the link, www.nationalbusinesscapital.com/apply-now/ One of our business finance advisors will contact you as soon as you submit your application!

[@TheClimber13]

Will a 70k loan be approved instantly ?

[@GrowbyJoe]

That depends on your qualifications, but yes - it's more than possible to get a near-instant approval if you exceed a lender's minimum qualifications. The approval doesn't mean you have funds in hand immediately, though. You'll still need to review the contract and negotiate with the lender, at the very least.

[@Reagan-yb9de]

Can someone help me real quick I’m trying to see if I will I get approved for a 50k business loan? Brand new LLC, new Ein. Personal credit score is 750 with 4000 income a month

[@GrowbyJoe]

You can fill out an application directly on our website. Here is the link, www.nationalbusinesscapital.com/apply-now/ One of our business finance advisors will contact you as soon as you submit your application!

[@Priest4232]

enjoyed the video, right up to the point when you started pushing your company.....yeah sure let me take advice from the guy trying to make money off of me

[@Invest4Cashflow]

Thanks

[@noillcallyou]

Videos like this piss me off. Youd do alot better doing a walk through with updates. Because all talk no action just discourages people.

[@jeana910]

It is legit company?

[@serpolaMERPOLASA]

Banks don't like bitcoin like taxi companies don't like Uber and hotels don't like Airbnb. I'd rather spread my funds around for safety.

[@dantheman4585]

thank you

[@GrowbyJoe]

I appreciate you taking the time to check out my video! Thank you!

[@dantheman4585]

@@GrowbyJoe do you do consultations at all? or have an email I could get ahold of you for quick advice?

[@sarahsmit6479]

Morning i need R50,000 for up to end of July, I sold my plot and will receive my money at end of July . It is a short term loan R750,000 receiving from my plot what is your shortest time to help me. The trancation is already at the aterneys that is for me, for my friend Do you give a loan for forain clients

[@MeghanMoore-oe4tq]

Williams Carol Martinez Gary Davis Patricia

[@CottonBarton-x9r]

Gonzalez Mary Wilson Angela Anderson Kimberly