SBA Loans for Startups: 5 Funding Options and Requirements

[@MerchantMaverick]

Which SBA financing option would you pick and why?

[@mash3654]

Hi. Thanks so much for your videos. Can you facilitate a training for a community group on Zoom.?

[@MerchantMaverick]

@@mash3654 Hi, Sharf! Thank you for visiting our channel. We do not provide consultative services, but we encourage you to visit the resources we've created and linked in the description. Best of luck to you! 😊

[@A619D]

How long do you have to be in business to qualify for a loan?

[@MerchantMaverick]

@@A619D Hi, Freddie! The types of SBA loans featured in this video may be available to brand new businesses. They look at things like your personal credit to determine creditworthiness. This post will give you more details: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup Best of luck! :)

[@shuntaejones7298]

Yea

[@realityrealestate5755]

I don't know about the express loan, but the 7(a) program you have to come up with 25% of the borrowed amount. How come she cannot mention that?

[@MerchantMaverick]

Hi and thanks for visiting our channel. You are correct, like other lenders, SBA intermediaries will require a down payment that is sufficient to mitigate risk. Intermediary lenders typically require a down payment of 10% to 20% for 7(a) loans. The down payment amount is based on the borrower’s credit history, the amount of the loan, and the amount of collateral, if any, used to secure the loan.

[@thetruth6665]

You make it sound so easy it’s a lot more complex than you need to explain that to people in your video your credit score Hass to be 680 from Experian that is the first thing that the SBA looks at

[@MerchantMaverick]

Hi, and thanks for visiting our channel! You are correct, this overview video serves as an introductory to the types of loans. The full post that this video was adapted from discusses credit card scores and a lot more you'll need to know! Best of luck and we hope this helps to clarify more about the SBA loans. www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup

[@REDMAPLETV23]

They don’t look at transition or the other?

[@MerchantMaverick]

@@REDMAPLETV23 Hi and thanks for your question, but we need a little more information. Can you clarify what you mean by transition?

[@REDMAPLETV23]

@@MerchantMaverick it was meant to say transunion or equifax?

[@MerchantMaverick]

@@REDMAPLETV23 Most free credit score services get their data from VantageScore. However, many creditors will look at your FICO score. If a potential lender pulls your TransUnion FICO score, for example, they will get a different number than what you see from your free credit score service. We have a post that explains this a bit more: The Best Free Credit Score Sites www.merchantmaverick.com/free-credit-score-services/ We hope this helps and best of luck!

[@jamesforreal]

In other words, if you're already broke, you're screwed LOL thx for the video

[@nicklandreth2527]

Awe you ruined the whole thing for me. lmao

[@thomasray5734]

Wow! Thank you so much for this video.I couldn't be more grateful to you and the agent who helped throughout the process. Just got mine after trying severally! keep up the good work

[@MerchantMaverick]

We're so happy to hear that you were able to get the funding you needed, Thomas!

[@thehealinggarden7850]

Which did you use?How much did you get?How long did it take form the application to getting the actual funds?

[@cocohuang7194]

Hi! I bought an investment rental property before the Covid-19, some space is empty ,no tenant, which loan I can apply it? Thank you so much

[@MerchantMaverick]

Hi Coco! Unfortunately, there are no SBA loans that can be used for investment properties. There may be options if the space is at least 51% owner-occupied. But in most cases, you won't be able to secure an SBA loan for rental properties. Sorry we don't have better news! Best wishes to you.

[@matthewlesko552]

Are you able to secure your grants application funding yet

[@SERGE_Tech]

Awesome content, did you aquire an sba loan to make this channel?

[@MerchantMaverick]

Hi, Serge! Thanks so much for stopping by! To answer your question, we did not - this KZbin channel helps support our efforts to get the latest content from our site to more readers. Check us out! You can find more resources about SBA loans and a lot more! 😊 www.merchantmaverick.com/

[@Ransome2501]

Thank you for your video. Question! What happens if you have a SBA disaster loan with your home as collateral and haven’t produced income from that business in years but have kept the equipment and made payments regularly. Can I sell the equipment if I intend to continue to pay on the loan

[@MerchantMaverick]

If the equipment being sold isn't collateral for the loan, you may be able to sell it. However, if the equipment is being used to secure the loan, you must get permission from the SBA before selling it. We recommend speaking directly with the SBA or consulting with an attorney to ensure that selling the equipment does not violate the terms of your loan contract. Best of luck!

[@RXStreetRace]

I want to start a moving company which is the best place or loan programs to go with would say I need about $25-30K (materials equipment insurance box trucks etc)

[@MerchantMaverick]

We think you have a few options that may work out well for you. Here is the full post which gives more details on these so that you can compare your particular needs: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We hope this helps and best of luck!

[@RXStreetRace]

@@MerchantMaverick thank you I pray I can get this business off the ground scale to 6 figures and thank you for you help and good insight 🙏🏽💰

[@MerchantMaverick]

@@RXStreetRace We are rooting for you!

[@justusgirlsandghosts3626]

Well I signed up for one because of this covid I lost so much. I tried to get a grant for $1000 and I didn’t get it because they check your credit history!! Of course it’s went down due to all this going on in the world. I think that’s not fair at all.

[@MerchantMaverick]

That sounds very frustrating but we're glad you found our channel! We recently made this video that addresses the credit issue. We hope that the video and/or the links in the description will lead you to a resource that will help. You do have more options! Best of luck, Stacie. 😊 kzbin.info/www/bejne/bX_beppjYrxjbac

[@justusgirlsandghosts3626]

I did apply and was denied and still sent a letter so they would reconsider. Not heard anything!!

[@GerardoDasyelMendozaCapetillo]

Thanks for the video!

[@MerchantMaverick]

Thanks for the support, Gerardo!

[@thechickenman7957]

i have a nail salon for almost 2 years,do you guys help us on that??

[@MerchantMaverick]

Hi Chicken Man! A 7(a) or 504 covers most of the bases, but there are some smaller/express loans and lines of credit that may work for you as well. You should reach out to your local SBA branch to see what would work best for you. www.sba.gov/local-assistance/find

[@thechickenman7957]

thank you !!!

[@timothyfreeney6017]

Thanks for the energy!! Well delivered.

[@joannamarquez4632]

Thank you for the information. Very detailed and straight to the point.

[@stephena3753]

How do you apply?

[@MerchantMaverick]

Hi, Stephen! In the description we have linked some resources. The micro loan and the SBA express posts go over what they are and how to apply. We hope this helps and best of luck!

[@NessaJ777]

Is there a lot more smaller loans I’m not taking out 50,000 loan and I can’t pay it back

[@MerchantMaverick]

Hey, Nessa! If you apply for a microloan, you don't have to apply for the full $50,000. Matter of fact, according to the SBA, the average microloan is about $13,000. You can certainly opt to apply for a smaller loan amount if needed. We hope this helps! Thanks for watching. 😊

[@deeburchell7799]

How do I get start up loan for real estate investment company

[@MerchantMaverick]

You might want to check out an SBA Standard 7a for real estate. Read more about that one and some other options in this post: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup Best of luck, Dee!

[@timlee8317]

what is best for a restaurant?

[@DhatGyrl18]

Which loan should we look into applying for if we’re trying to start our own trucking company with a dually truck and trailer instead of an 18 wheeler

[@MerchantMaverick]

Hi Ria! Check out the info on semi truck financing: www.merchantmaverick.com/semi-truck-financing/ If you're just buying a one-off, you may want to consider working with a captive lessor if you have a particular model in mind. Best of luck to you! www.merchantmaverick.com/what-is-a-captive-lessor/

[@orochimaru3950]

Sounds like Hot Shot. Do you have self proprietorship or DBA or LLC?

[@KuntryBlackBo]

Did you ever figure which one to apply for? I'm interested in the same thing

[@JoseMoreno-ks9qy]

The hotshot business is an oversaturated poop market right now

[@Lucky8Fam]

Try NAV to get a loan

[@peterjohnson7632]

I would like to request the SBA Express loan and application process the length we are acquired from and the lender that may do just SBA Express loan only

[@shammo2225]

What about bad credit ? There is any option for bad credit ??

[@MerchantMaverick]

Hi Sham Mo! You can still qualify for an SBA loan with bad credit but it's ultimately up to the lender! Check out our article discussing the best small business loans for bad credit: www.merchantmaverick.com/best-loans-bad-credit/. We hope this helps!

[@tessilimimohamedseidadechi6957]

Do you offer any free consultation over the phone?

[@MerchantMaverick]

Hi, there! Merchant Maverick is a review site therefore we do not offer consulting services. But we have a blog covering a wide array of small business-related topics. Check it out: www.merchantmaverick.com/blog/

[@christinarobles6080]

I have a LLC for real estate management and I’m looking to do a short term rental through Airbnb. I’ve been declined for business credit cards to be able to pay for a permit … which one would you recommend for me?

[@MerchantMaverick]

Hi Christina! If you only need a small amount, we'd say that a Microloan would be your best bet. You can search for an intermediary here: www.sba.gov/partners/lenders/microloan-program/list-lenders and should have a business plan prepared before you apply. Best of luck to you!

[@matthewlesko552]

Are you able to secure your grants funding application assistance yet

[@christinarobles6080]

@@matthewlesko552 no not yet

[@matthewlesko552]

@@christinarobles6080 325.

[@matthewlesko552]

@@christinarobles6080 261

[@evasharonyandug974]

Hi, is this applicable world wide? Thanks

[@MerchantMaverick]

Hi Eva, The SBA loan eligibility requirements state, "The business is physically located and operates in the U.S. or its territories." Though there may be some flexibility depending on the situation. You could definitely reach out to an SBA business counselor for a definitive answer. www.sba.gov/funding-programs/loans

[@m.pulliam9675]

Are you able to get more than 1 loan? I got this loan earlier this year would I be able to get another?

[@MerchantMaverick]

We're sorry for the late response on your question! Yes, you can apply for and receive more than one SBA loan, you just have to disclose what you have in your debt schedule. Hope this helps and best of luck!

[@takeyasearles8010]

Tank you for posting. How long after receiving an SBA loan does a business owner have to begin making payments? Im wondering if its anything like student loans with a 6 month grace period.

[@MerchantMaverick]

Hi Takeya! If it's an EIDL you are referring to, deferrals have been extended to 30 months for current borrowers. There's more info on that in this SBA press release: www.sba.gov/article/2022/mar/15/sba-administrator-guzman-announces-key-policy-change-existing-covid-economic-injury-disaster-loan If it's another SBA loan, there isn't anything specifically outlined that we have found, but these are pretty much like other business loans that borrowers start to pay back immediately. If you are considering another type of loan, we would recommend you speak with your lender to find out more about your repayment schedule. Hope that answers your question! Thanks for stopping by!

[@takeyasearles8010]

@@MerchantMaverick Thank you. I will look up what EIDL means and check out the SBA website. Have a great day!

[@takeyasearles8010]

@@MerchantMaverick yes that helped me understand better. I am new to all of this and have had an on line store for over a year. My worry was since I dont have any employees, and I will not be working after the business is in its physical location, how would I pay the loan if sales need 2 years to be up to par? So I think for my situation it would be best to find grants for minorities, women, and new businesses. I meet with the SBA in a few weeks, so I am glad I know now that a loan is not the best option for my circumstances. Maybe after I have regular sales and meet my financial targets, I can request a loan to further my business then. Thank you.

[@MerchantMaverick]

@@takeyasearles8010 Thanks so much for following up -- We wish you the best of luck!

[@matthewlesko552]

@@takeyasearles8010 Are you able to secure your grants application funding assistance yet

[@mrmakeadeal2415]

great energy :)

[@MerchantMaverick]

We're glad you stopped by! 😊

[@ZachVanHarrisJR]

*thank you! great info!*

[@MerchantMaverick]

We're so happy you found this helpful, Zach!

[@colorchanginchev]

Did yours come thru..I'm trying to get start up $

[@thewhitefamily2897]

I signed up for the SBA for small business loan with no luck can you help me with the 7A Loan?

[@MerchantMaverick]

Hi and thanks for stopping by to our channel! While we don't offer direct consultation, here is our post on how to apply. We wish you the best of luck! 😊 www.merchantmaverick.com/sba-loan-application-process/

[@sbaanswerdesk5704]

Anyone needs help getting approved?

[@rokit476]

@@sbaanswerdesk5704 I need help getting approved

[@iamsaygo]

@@stephaniemelendez8171 interested

[@mmmarketing5683]

can we apply as new with zero cash ? if i don't have money in my bank but if i have a good business plan do u think they can lend me?

[@MerchantMaverick]

Hi M&M! If you don't have any money, it's best to apply for something like the SBA Microloan. The amount of these loans are much smaller than other SBA loans, but it's a good choice for borrowers that won't have enough money for a down payment on a larger loan. As with other SBA loans, you would need to meet all other criteria -- including credit score requirements -- of the lender to receive funding. Good luck! SBA Microloan Program: www.merchantmaverick.com/sba-microloans-a-comprehensive-guide-to-terms-rates-and-eligibility/

[@mmmarketing5683]

@@MerchantMaverick thanks for the response

[@studymotivation4.045]

Is it possible to purchase a company and apply for a loan after?

[@MerchantMaverick]

Hi, Everyday Motivation! Yes, all of these options apply for early stages of a business. Here is our full post for more detailed information: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We hope this helps and thanks for stopping by to our channel!

[@studymotivation4.045]

@@MerchantMaverick I was wanting to purchase a small company then use the loan to build the business or is that not possible

[@MerchantMaverick]

@@studymotivation4.045 If you purchase a company, you can use the startup funds for a boost to help build it. We hope this helps and best of luck!

[@Anni_Nation]

Hi! Maverick am looking to start my own business shoes and clothing. which loan will you suggest I apply for? and what will make me qualify for approval?

[@MerchantMaverick]

Hi MsAnita! We'd make the same recommendation for you that we made for Tiffany: For a business that hasn't started yet, we would recommend trying for a Microloan. The only issue with this is that this loan maxes out at $50,000 (with most businesses receiving a much smaller loan than that). The Community Advantage program could be beneficial if the business is going to be in a low-income area. It's easier to qualify for that than, say, the 7(a) loan, which typically requires a time in business of two years. Regardless of which option you choose, you will need to have a solid credit score and credit history, a business plan, have a registered business in the United States, and must be able to show that you were unable to obtain a loan elsewhere. Hope that helps -- Good luck!!

[@matthewlesko552]

Are you able to secure your grants application funding assistance yet

[@ES-ch2gk]

I’m looking in purchasing a semi tractor truck for a start up business. The truck cost 90,000. But the monthly payments are 1500 a month that I can’t afford. What sba loans can help out? Thank you for your content!

[@MerchantMaverick]

Hi, Faustino! Thanks so much for stopping by and asking your question. We think that the 7(a) loan would likely be the best match, but since there is some overlap in terms of heavy equipment, you might also try the 504 loan as well. We hope this was helpful and best of luck!

[@junebreeze5620]

Thank U so much! Very informative!

[@MerchantMaverick]

You're very welcome, June! We're glad you stopped by. 😄

[@keithbb95]

Can I apply for a loan to get a truck and trailer for hotshot driving? Pretty much transporting cars on a trailer

[@MerchantMaverick]

Hi Braxton! We'd always recommend the 7(a) loan, which is the most flexible option, but whether or not you qualify depends on a lot of factors, including personal credit score, time in business, revenues, etc. If you're just starting out (as opposed to, say, adding a new service to an existing business), it's going to be more difficult to qualify, but can be done provided you have a business plan and meet other qualifications. For brand new businesses, a microloan is probably easier to qualify for, although these top out at $50K (with the average loan being around $13,500), so it may not be enough to cover the equipment you need. Of course, you can always move beyond SBA loans and look into something like equipment financing through Lendio or another lender or marketplace. Best of luck to you! Lendio: www.merchantmaverick.com/reviews/lendio-review/

[@robertpowell2247]

I’m trying to start a independent dispatcher business. I need about 5 grand. Which loan would you recommend??

[@MerchantMaverick]

Hi, Robert! Thanks so much for stopping by and trusting us with your question. We recommend checking out a micro loan. We have a full post and some more recommendations here: www.merchantmaverick.com/sba-microloans-a-comprehensive-guide-to-terms-rates-and-eligibility/ We hope this helps and best of luck on your business!

[@ThePatricktam]

Is this still good?

[@MerchantMaverick]

Yes, they are!

[@NodusRemedy]

Very helpful

[@MerchantMaverick]

We're so happy you found this helpful, Nodus Remedy!

[@placidobassig287]

Sir I applied for this then they required me to pay for fee then another fee again for sending the money. I am doubtful for that sir

[@tinatrevino8611]

Thank you beautiful great advice

[@MerchantMaverick]

Thanks so much for stopping by, Tina!

[@SonDialer]

Whats is funky song?

[@alexisdeniro9474]

Love from my heart

[@abelpardo5230]

0:23 why is so excited about high-interest rate?

[@MerchantMaverick]

Hi, Abel! If you listen again, you can hear her say, "without" the high-interest rate. 😊

[@xexsy_kaos]

#ROCKSTAR par excellence

[@MerchantMaverick]

Thanks for stopping by! 😄

[@jacobdupree8802]

Thank you! Awesome info!

[@MerchantMaverick]

We are so glad to hear that you found this helpful, Jacob!

[@HungNgo-pe9wx]

wow, very cool !

[@MerchantMaverick]

Thanks for stopping by today! We're glad you liked our video. 😄

[@afrikanqueens]

Hi, Can I apply for a loan for an investment property; and if I can, which SBA option do I use?

[@MerchantMaverick]

Hi Afrika Queens! SBA CDC/504 Loans are best for the purchase of real estate, equipment, or other fixed assets. Most of the SBA loan programs don’t have a requirement for time in business. However, it is important to note that you will have to find an intermediary that works with startups. You can read more about this option (and others) in the linked post! Good luck!

[@Heyitskadayy]

Are any of these loans forgivable?

[@MerchantMaverick]

Hi, Kadaay! You can find out more in our post: COVID Relief: You Could Get Partial Forgiveness, Increased SBA Guarantee, & More On 7(a) Loans & Microloans - We hope this helps and best of luck on your search!

[@Heyitskadayy]

@@MerchantMaverick thank you!!

[@jonathan7647]

You are great

[@MerchantMaverick]

Thank you for the kind words and your support of our channel, Jonathan!

[@VivaCR]

Can you please clarify where and which article it is which provides the answer to your drumroll question? Thank you!

[@MerchantMaverick]

Hi, Jesse! You'll find it linked in the description but since you asked so nicely, here it is again: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#SBA_Startup_Loan_Borrower_Requirements Best of luck! 😊

[@dajoremarks9137]

Let me ask this is there funding for DBA businesses

[@MerchantMaverick]

Hi, Dajore! It depends on a few factors. We suggest learning more about the SBA requirements and applying if you meet them, however, keep in mind that we are not consultants, and this is not legal advice. Hope this helps and best of luck! www.merchantmaverick.com/sba-loan-requirements-what-you-need-to-know-about-qualifying-for-sba-loans/

[@jahnelss]

So no loan for real estate huh

[@MerchantMaverick]

Correct, Jahnel. However, you have other options! Here is a post that covers some alternatives. We hope this helps, and best of luck! www.merchantmaverick.com/ppp-eidl-denied/

[@TheAndrewRousselJourney]

So these loans aren't for start ups if you have to be in business for two years?

[@MerchantMaverick]

Hi Andrew! Thanks for watching :) In the linked article you can find information on SBA Community Advantage Loans: www.merchantmaverick.com/sba-community-advantage-loans/. Businesses that have been operating for two years or less that have been disqualified from other loans may receive a Community Advantage loan if all requirements set by the SBA have been met. You must also be prepared to prove that you have several years of experience in the industry. A minimum of two years is generally preferred. Hope that helps! Good luck to you!

[@ThePatricktam]

Are there any sba microloan grants?

[@MerchantMaverick]

Hey again, ThePatricktam! To answer your question--No, there are no SBA Microloan grants available. You can, however, still apply for a microloan through an intermediary but this isn't a grant. You can apply for an EIDL and potentially receive a grant that way, but you will have to meet all requirements. Good luck to you!

[@nelsonace9703]

Hello. Would you guys happen to know of any Grant's for a SB that opened post lockdown ? All we find are ones that require to have been in business before February 15th 2020.. thank you

[@MerchantMaverick]

Hi, Nelson! Thanks for stopping by and trusting us with your question. We recommend this post to see if you may qualify, and you'll find more resources linked if you need them. Best of luck! www.merchantmaverick.com/do-i-qualify-for-a-startup-grant/

[@kesha8403]

hey do you have ein or have business license to apply

[@MerchantMaverick]

Hi Kesha! You can find the requirements in the "Gather Documents" section of the linked post: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#How_To_Get_An_SBA_Loan_For_A_Startup Hope that helps!

[@candyjay370]

I want to open a Christian spiritual store. I need help getting it started.

[@MerchantMaverick]

We hope one of the options listed in the video helps, Ana! We also have a post linked in the description which is a full-length article that has more details. Best wishes for your success!

[@guy2127]

Can is start up with you let's pray God will help us cause the government will not they're evil

[@Trinichick0430]

Would you say a standard 7a or express would be good for a startup for purchasing and running an event space?

[@MerchantMaverick]

Hi, Phoniex! We would say that the 7(a) loan is probably the better choice for you because of its higher borrowing limits and longer term lengths. Purchasing a business and covering operating costs is pretty expensive in most cases, and the $350K max provided under the Express loan program can run out pretty quickly. Here's our full post that will give you some more insight into the different types: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply We hope this helps and best of luck!

[@Trinichick0430]

@@MerchantMaverick thank you 🙏

[@MerchantMaverick]

@@Trinichick0430 You're very welcome!

[@davidjay8678]

Can I get a idel loan and a regular 7a loan?

[@MerchantMaverick]

Hi, David! Yes, you can still get a 7(a) loan even if you receive an EIDL loan. You'll have to disclose the EIDL in your debt schedule but you can apply and receive both.

[@davidjay8678]

@@MerchantMaverick thank you for the information.

[@davidjay8678]

Your videos are great so much knowledge

[@MerchantMaverick]

@@davidjay8678 You are very welcome!

[@MerchantMaverick]

@@davidjay8678 Thank you for the kind words and trusting us with your question and time, David!

[@carlosayestas2773]

Need a small loan

[@MerchantMaverick]

Hi, Carlos! Check out the links in our description so that you can learn more about the types of loans that may be best for you. Best of luck!

[@LosoBaby]

I Appreciate you for this information

[@MerchantMaverick]

We appreciate you for stopping by and leaving us a comment, Loso!

[@dandelionsdreamaz]

How would I get in contact for booking for event 🤔

[@bradybeckstead3636]

1:02 what is it?

[@MerchantMaverick]

Hi, Brady! We'd love to answer your question. Can you clarify question you have at this point in the video?

[@teckneic]

Real estate investor are disqualified?!

[@MerchantMaverick]

Hi and thanks so much for your question. Yes you are correct, real estate investment is a no-go for SBA loans. Here is a quote from the post this video was adapted from: "Startups that invest in real estate, engage in illegal operations, operate as non-profits, or specialize in loaning money are disqualified from applying for these programs." We've created a post for businesses that need to check out alternative funding ideas here: www.merchantmaverick.com/types-alternative-financing-small-business/ We hope this helps and best of luck!

[@pr.alexbastos8749]

A natureza é maravilhosa

[@dhwani2855]

Hello. I have a question. Which loan is best suitable for me as I wish to Purchase ongoing business?

[@MerchantMaverick]

Hi Dhwani! An SBA 7(a) loan is the most flexible option and is a good loan for acquiring an existing business. You will have to meet all requirements of the lender, including your personal credit score. Additionally, you may have to show other information, including financial statements for the business you wish to acquire, a business valuation, business plan, related experience, etc. Best wishes to you!

[@dhwani2855]

@@MerchantMaverick thanks a lot. One more thing if you can please guide would SBA express loan a good option for a purchasing business or no?

[@MerchantMaverick]

@@dhwani2855 Yes, if you want to shorten the time it takes to get loan approval, the Express loan could work. These max out at $350,000, though. However, if that would cover your expenses, then you could definitely go this route as well.

[@breanataylor920]

*Lordnikon_57 on Instagram helped me apply for my Grant and it was successful*

[@trinikamone9296]

I entered my wrong email, now I'm not going to get my email , what should I do?

[@MerchantMaverick]

Hi, Trinika! Which type of loan did you apply for your business? The next step depends on the type of loan. If you applied for an EIDL, for example, there is a dedicated phone/email channel for making corrections to an application. If it was another type of SBA loan, you would probably need to contact the lender. Let us know which type, and we will do our best to help you find the right thing to do next.

[@trinikamone9296]

@@MerchantMaverick I was able to get it updated with them thank you

[@MerchantMaverick]

@@trinikamone9296 Great to hear!

[@Juwelvlog09]

I really need money urgently please help I don't what to do

[@MerchantMaverick]

Is your business a startup, Joel? If you take a look in the description, we have several resources that will take you through your options and what to do step by step.

[@Rebirthnation11]

@@MerchantMaverick What if you have bad credit? Is there help?

[@MerchantMaverick]

@@Rebirthnation11 Hi, Anisatu! There are some options for those who have bad credit. Check this video out, and scroll down the links in the description for a full blog post to give you even more information. Hope this helps and best of luck! kzbin.info/www/bejne/bX_beppjYrxjbac&ab_channel=MerchantMaverick

[@michealbell4870]

What loan should I go with I'm in the middle of paying my app I created last year. Thanks 😊

[@MerchantMaverick]

Hi Michael! Thanks for stopping by :) Without (lots) more info, it would be tough for us to make a recommendation for your business. BUT the good news is that we have provided tons of valuable information in this post to help you make the right decision for your business needs. Here is the link: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We wish you all the best with your app!

[@MOON-zo3ik]

If we get an spa loan for $5k but only need to use $2k can we return the EFT over $3k ?

[@MerchantMaverick]

Hi Moon! As far as we can tell from everything we've seen from the SBA, you would not be able to simply return unused funds. You may be able to use the unused funds to pay down the loan but there may be a prepayment penalty or other fees associated with it. We recommend discussing any available options with your lender. Best of luck!

[@reachoutthismandanj_hacker]

Thank you sir 👆👆for helping me with my SBA GRANTS approval and funded it means a lot to me and my family….you are the best ever 👆👆

[@tiffanymoore3332]

Trying to buy a property to start a woman small business which would i need? 155,000$

[@MerchantMaverick]

Hi Tiffany! That sounds exciting! For a business that hasn't started yet, we would recommend trying for a Microloan. The only issue with this is that this loan maxes out at $50,000 (with most businesses receiving a much smaller loan than that). The Community Advantage program could be beneficial if the business is going to be in a low-income area. It's easier to qualify for that than, say, the 7(a) loan, which typically requires a time in business of two years. Regardless of which option you choose, you will need to have a solid credit score and credit history, a business plan, have a registered business in the United States and must be able to show that you were unable to obtain a loan elsewhere.

[@vlogs.videotaravels6899]

Gee Apu, I am a Bangladeshi. I live in Qatar now. Can I get a loan?

[@matthewlesko552]

325

[@matthewlesko552]

261

[@matthewlesko552]

0490.

[@matthewlesko552]

Just put those SBA helpline cell phone number together respectively and text SBA helpline directly for grants application funding assistance if you need help

[@MerchantMaverick]

Hi there! Unfortunately, SBA loans require that your business is US-based. We wish you the best of luck!

[@SCOOPER486]

I'm in EIDL reconsideration processing that took me a long time, and no answer yet. My credit score is improved now, can i apply a new application instead of the first one?

[@MerchantMaverick]

Hi, Mozart! From what we understand, the reconsideration process can take some time. They will likely check your score but we recommend checking the status and verifying they don't need any more information. Here's the SBA contact form: www.sba.gov/sites/default/files/2020-09/COVID%20EIDL%20FAQ%20rev%20092120-508.pdf

[@yolandaplater6444]

Reapply with an EIN

[@victoriatilghman628]

🙏🏼🌹🙏🏼

[@MerchantMaverick]

We're happy to see you, Victoria!

[@libertyrights1291]

Down payments make SBA loans useless for pre-revenue start-ups. Collateral in times of economic uncertainty make it worse.

[@MerchantMaverick]

While the down payment can be lower than traditional loans, it can still be a huge frustration. Some businesses find that crowdfunding can help give them the boost they need. We hope this or another resource we share can help. Best of luck! www.merchantmaverick.com/equity-vs-non-equity-crowdfunding/

[@libertyrights1291]

@@MerchantMaverick Thank you for your helpful reply. I had briefly considered some form of online funding but did not follow through. Got busy developing the business plan in preparation for the SBA funding, which gave me insight of the devices potential. I also then learned that the SBA loan was a waste of time. Your link provides extensive detail of the pros and cons of each funding method. I will review it and see which would be best. This is an R&D prototype development that will be pre-revenue for a while, then billions in sales. Can't say more about it on this type platform.

[@MerchantMaverick]

@@libertyrights1291 We're so glad this is helpful. You should see more links to related types of posts at the end of this one to help you on your search. Best of luck to you!

[@WGPhil-uw5cs]

Most of the grants are just stem stuff

[@markkai5377]

So cutee

[@rogerweatherbee5827]

1:25 So funny

[@hackbyinteligence]

Comparing ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HACKBYMESSIAHORG to other set of platforms providing hacking services is totally ridiculous, they have the highest success rate and they have the top reviews , they have been good in the business for years now so they’re at the top and not to be compared , I carried out several services with them that couldn’t be completed with other set of people rendering the same services. I appreciate the $171K SBA GRANTS you sent to my wallet, came here to say THANK YOU SO MUCH

[@breanataylor920]

*Lordnikon_57 on Instagram helped me apply for my Grant and it was successful*

[@hackbyinteligence]

Comparing ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HACKBYMESSIAHORG to other set of platforms providing hacking services is totally ridiculous, they have the highest success rate and they have the top reviews , they have been good in the business for years now so they’re at the top and not to be compared , I carried out several services with them that couldn’t be completed with other set of people rendering the same services. I appreciate the $171K SBA GRANTS you sent to my wallet, came here to say THANK YOU SO MUCH