Are SBA small business loans easier to win after other loans? -What can I do to increase my chances of getting
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Answers: No, they're not. In fact, they hold much longer to take (add another 3 -6 weeks processing time for common loans)
If you're applying for a loan and if it is a big amount, SBA may consider other factors aside from your business credit:
http://www.sba.gov/services/financialass...
- A business plan explaining what the business is
- Your conditions and experience in the business -- contained by my experience, this is KEY in the eyes of the guard because they want to make sure that you know what you are doing and that you can take home the business work. If you don't have any experience beside the business, have someone on the ship that knows the business to offer banks assurance that someone will guide you
- Your credit factor because it shows your dependability and how well you pedal credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can bring payment from you
- Condition or expressions of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, have lasting meaning, and can be repossessed and sold if things fail.
- Equity investment
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