- 1). Confirm that your business is eligible for an SBA guaranteed loan. Eligible businesses are for-profit businesses that operate in, or plan to operate in, the United States or its possessions. The SBA also requires that eligible applicants have sufficient owner equity to invest and that they identify and utilize other financial resources before applying for an SBA loan.
- 2). Contact your local SBA district office to discuss your eligibility, the details of your planned loan request and where to find local lending partners. The SBA provides links to district offices on its website.
- 3). Schedule an appointment with a local lender to discuss your intention to submit a loan application. Prepare to discuss your loan proposal in detail. Ask about the lender's preferred loan proposal format.
- 4). Register for the free online course provided by the SBA on its website. The course, How to Prepare a Loan Package, requires registration and provides instructions on each step in creating the documents required in your loan application.
- 5). Complete the SBA loan application forms, which are available on the SBA website, from lending partners and from the SBA district offices. The forms include the business loan application; schedule of collateral; personal financial statement; statement of personal history; certification regarding debarment, suspension, ineligibility and voluntary exclusion; lower tier covered transactions and a statement regarding lobbying.
- 6). Prepare your business proposal with an executive summary or cover letter that summarizes your request, including your personal background, business description, loan amount, loan purpose and proposed payment terms. Include a full business profile and resumes of owners and management.
- 7). Compile the supporting documents required for your loan application. SBA and the lending partners require a business plan, business financial statement with project earnings and projected post-loan balance sheets. Include in your business plan relevant information that is specific to your industry to help the lender evaluate your plan.
- 8). Make copies of additional documentation to submit with your loan package as appropriate, such as leases and agreements, articles of incorporation, licenses and contracts.
- 9). Follow the requirements of the lender and the SBA district office for submission of your loan application package. Submit the application package after reviewing and making copies of all of the contents.
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