In addition to the “normal” underwriting information, there will be a handful of forms the borrower and guarantors will need to complete.
VITAL uses state-of-the-art technology to assist our clients in providing them with detailed checklists to ensure nothing is missed in the information gathering process.
To help borrowers, and ultimately, our lenders, we have developed a very easy to follow guide that walks them through the process at their own pace.
The second biggest factor is the quality and thoroughness of your credit memo.
Read on for answers to common questions about loan eligibility, approvals, timelines, and when/when not to pursue an SBA guarantee.
The SBA wants to help as many businesses as it can, so the list of eligible loan purposes is lengthy.
, we looked at the mission and original intent of the SBA.
This background is helpful for understanding the lens through which the SBA determines eligibility and approval of loans.
A business that would benefit from extending the amortization of its current debt, and as a result, meets the minimum debt service coverage ratio.3.
A business less than two years old that has a good business plan and reasonable projections, but simply doesn’t have a proven track record. A business that does not meet the minimum debt service coverage ratio. A refinance of existing debt where there is the appearance of shifting a potential loss from the current lender to the SBA. A business less than two years old that lacks a good business plan and/or their projections are not reasonable.