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The government-guaranteed SBA loan program works with banks to offer low interest rates and long-term repayment. But the process is time-consuming, and the requirements are strict. Only those with good personal credit (690 or higher, although some SBA lenders may have lower score requirements), strong business finances and the flexibility to wait for funding should apply.

Please reach out to me with what the outcome of your problem, were they able to resolve it? I am about to default on my loan and want to know what option any any were offered by the bank and SBA. Thank you for your time. Any information you have would be greatly appreciated as I’m trying to save my home.

Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you’ll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.

Lendio’s mission is to empower your business by making small business loans simple through options, speed, and trust. Whether you are looking for an acquisition loan or a term loan, Lendio offers hundreds of different loan products from a variety of lenders. Finding out which business loan is best for you is why we’re here.

Your business plan should include current and projected financials, and clearly demonstrate that your business will have enough cash flow to cover ongoing business expenses and the new loan payments. This can give the lender more confidence in your business, increasing your chances at loan approval. Your business plan should include:

Borrowers pay a one-time up-front fee, depending on the size of the loan and guarantee. Smaller loans (under $750,000) have lower fees. The SBA does not allow other fees to be assessed by the lender unless there are extreme circumstances, such as higher-than-normal servicing required by your loan.

Collateral: While the SBA will not refuse to guarantee a loan due to insufficient collateral, a lender is less likely to approve a loan that isn’t backed by sufficient collateral. Loans under $25K don’t need to be collateralized

While technically SBA CAPLines can be issued as stand alone products, typically these are only offered to borrowers in conjunction with a traditional SBA 7(a) loan or a CDC / SBA 504 loan. Very well qualified borrowers or those businesses that have the potential to bring in a great deal of other business to a bank may be able to find a lender willing to issue a stand alone CAPLines line of credit.

I have an SBA loan which has been mishandled by the bank. Briefly, my originating bank was absorbed by another. The first bank applied each payment correctly (fixed principle, WSJ interest + 2%) and not a single payment was missed in 7 years. When the new bank took over, they misapplied every payment (keeping up to 75% in interest and not reducing the principle) until I eventually stopped paying. They denied receiving certified mail, they denied ever having heard from me, they would not discuss the problem. I now pay Treasury directly but have incurred a penalty. And I have overpaid 2K to the bank. And they are holding my life insurance hostage (with an assignment to the original bank) and refuse to put in writing that the loan has reverted to Treasury. I am looking to sue for the overpayment and for damages because I’ve been put in an untenable position. I have paperwork to back up everything but limited funds for an attorney. What can I do? The gov’t says I’m on my own. Thanks for any assistance in advance.

I took out a SBA loan for $75,000 in 2006-7. The business went under months later. Both my attorney and myself tried to contact the bank and SBA and no one wanted to speak with us. I followed my attorneys advise and sold all the assets and put the money on the bank account. I’m certain I wrote them a letter explaining all that was done. The bank continued to take the monthly payments until the money ran out and then sent me to collections. I got my attorney involved and she met with an attorney from the bank. The attorney said that they would no longer bother me – which they have not. Great – then a couple years later I was due a Fed Tax amount that never came and then a letter saying that for repayment of our defaulted SBA loan they were keeping my return. This has happened every year since? I’ve received no accounting or statement of any kind. How long will this continue? Do I have any way to stop this without resurrecting this old debt?

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*For example a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a 1% origination fee for an APR of 5.99% APR. You would receive $9,900 and make 36 scheduled monthly payments of $302. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 1%-5%. Annual percentage rates (APRs) through Prosper range from 5.99% APR (AA) to 35.99% APR (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

This page contains lists of SBA 7(a) Lenders, 504 Certified Development Companies and SBA Microlenders.  For more information about  programs or to start the application process, please contact the lenders directly.

SBA loans also can provide a way out of a damaging financial situation. Terry Trumbull, owner and president of Trumbull Meats in Hamburg, Michigan, got an SBA loan through SmartBiz that allowed him to refinance much more burdensome funding. It was “killing me,” he says, and the SBA loan provided relief. But he did have to wait a couple of months and deal with many requirements, he adds.

It seems to me that you may be getting some bad advice. We have been dealing with businesses with problems just like yours for many years. We can help you with this. Please call me at 619-279-7522 or email me at [email protected].

John, Our home was significantly damaged in October 2012 by Hurricane Sandy. Since that time we have still been struggling to rebuild & pick up the pieces. We had taken an SBA Loan as a second mortgage to help secure funds to assist with the rebuild & repairs. Due to a number of issues resulting from the storm, we have fell behind with our mortgage payments. We would like to maintain the home but are considering filing a chapter 13. Attorneys (New Jersey) have not advised me if the SBA 2nd mortgage can be stripped. What is your experience with this type of circumstance? Is the SBA 2nd mortgage treated the same as a typical 2nd mortgage from any bank? Do you know of any assistance / programs available to those who sustained damages now dealing with potentional issues of foreclosure? Thank you for your time.

Unfortunately your situation is like many others that I deal with on a daily basis. In your situation the SBA got a portion of the balance from the foreclosure on the business and the real estate involved. However you are still Personally Guaranteed for the remaining balance. You need to do what is called an “OIC” Offer in Compromise. You do not want to get into wage garnishment or sweeping of personal accounts by the US Department of Treasury. Send me an Email [email protected]

• Assemble a complete financial history. In addition to your personal credit information, a lender is going to want to know that your business has a stable financial history. “An accurate and complete financial history is very important to lend credibility to the SBA loan request,” Anderson says. “If you are currently in business, lenders will want to see profit and loss statements for three complete fiscal years and the current year to date. In addition they will want a recent balance sheet, within the last 60 days.” If you are just starting a business, this step is not required. But keep in mind that it is much more difficult to obtain SBA loans for start-up businesses than existing businesses.

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Securities and other investment and insurance products are: not a deposit; not FDIC insured; not insured by any federal government agency; not guaranteed by TD Bank, N.A. or any of its affiliates; and, may be subject to investment risk, including possible loss of value.

“‘We the people’ are co-signing your small business loan,” explains Rafael Cruz, regional director for the Florida Small Business Development Center (SBDC) in Fort Lauderdale, one of hundreds of SBA-backed small business assistance centers located around the country. “It’s been one of the most effective business development plans in history. In reality, small business is one of the most risky things you can get into.”

• Express Programs This includes SBAExpress, an accelerated loan that promises a response to an application within 36 hours. The maximum guarantee for these loans is 50 percent. Other categories include Community Express, for businesses needing financial and technical assistance in underserved communities, and Patriot Express, which are designed for businesses majority-owned by veterans or members of the military.

Small businesses have a tougher time getting approved due to factors including lower sales volume and cash reserves; add to that bad personal credit or no collateral (such as real estate to secure a loan), and many small-business owners come up empty-handed. Getting funded takes longer than other options — typically two to six months — but banks are usually your lowest-APR option.

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