About Small Business Loans

Transcheck Capital mainly assists with SBA (Small Business Association) loans. Banks that offer SBA loans have document requirements and applications that need to be filled and completed prior to being approved. The process is a multi-tiered evaluation and we are here to help ensure you fit the requirements.

The four things a lender wants to know…

1. The character of the business/borrower. This is determined by credit history and refers to the borrowers repayment habits. This will be analysed through what is stated in the credit score.

2. The credibility of your business. This is where you convince the lender your business will succeed. For this you will need a credible business plan with great financials showing that you will be making a profit to pay back the lender. Again, you will need a fantastic credit rating so that the lender knows you have a track record of fulfilling your financial obligations.

3. The collateral you have to offer. The lenders want some kind of assets you can pledge (non- depreciating). If you don’t have assets you may be required to have a co-signer that has cash to pay against the loan (SBA can serve as your co-signer in these cases in a way). You will also be required to sign a Business Loan Agreement.

4. The capital reflected in your business assets (This is not required for new business loan requests). Have a list of your business assets that can be used as security for the loan. Capital assets are market and fair market value and depreciate over time which is why it is less valuable to a lender then collateral

SBA Loans and Micro loans:

  • Disaster assistance loans
  • Export assistance loans
  • Security Bonds
  • CAPLines
  • Small Business Investment
  • Military Reservist Economic Injury loans
  • Microloans: up to $50,000 for working capital, inventory, furniture, equipment, etc. Max repayment terms is 6 years and the interest rate is between 8-13%
  • SBA 7(a) Loan: based on what the business does to receive its income.

SBA requires the following to be eligible for a small business financial loan:

  • Qualify has a small business in SBA standards: We can help you determine if you qualify as a small business according to your industry standards.
  • Business Plan: If you don’t have one already in place we can help you develop one for the business.
  • Loan Request: How much money you are requesting and your specific goals for the money for both short term and long term
  • Collateral: Can be in the form of equity in the business, other borrowed funds, and available cash
  • Business Financial Statements: Ensure these documents are up – to – date. Provide complete set of financial statements and balance sheets for last 3 years (if your company is newer then 3 years then however many years you have with the balance sheet listing current assets and projected liabilities). Have a profit and loss statement as well. Break your accounts receivables and payable into 30-, 60-, 90-, and past 90 days categories, and prepare a statement outlining cash flow projections that indicate how much the business is expected to generate to repay the loan. Also be prepared to show your business credit score
  • Personal Financial Statements

For more information or answers to any of your questions please see our available training courses to gain more detailed information or email us at Alice@Transcheckcapital.com

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