20 Steps to SBA Loan Approval – Updated SBA Guide
This is an updated guide showing 20 steps to get SBA loan Approval method
Step 1: Go to the following website on Monday morning (this might change though… I recommend you bookmarking this page and checking it regularly)
Step 2: When you arrive at the application section, choose the box that states the following “APPLICATE IS AN INDIVIDUAL OR SOLE Proprietorship….)
Step 3: On the next page: there will be a few boxes you need to read and check… they should all be checked in checkmarks before going to the next page.
Step 4: Now when it asks for business name – input your first & last name.
For your trade name – input your first & last name.
For the EIN/SSN For solo proprietor – input your social security number.
In organization type – input individual or sole proprietor etc.
In is this a non profit organization- input No
In is this a business franchise – input No
Now for the gross revenue for the last 12 months – input anything over $150k
Step 6: Cost for goods – input anything over $50k but make sure it’s lower then your gross revenue
Step 7: rental properties lost revenue – input anything under 35k
Step 8: Non profit costs etc – leave this box blank
Step 9: The annual cost of operations etc – input anything over 50k but make sure it’s less then your gross revenue.
Step 10: list the secretory social security etc – leave this box blank.
Step 11: compensation from other sources etc – leave this box blank.
Step 12: brief description of other sources etc – leave this blank.
Step 13: input your business address as your mailing address weather it’s your house or PBO but don’t input a PO Box.
Step 14: Input your email address – make sure it’s a valid email.
Step 15: business activity- input anything to do with consulting or sales or business information.
Step 16: NOW THIS IS THE MOST IMPORTANT PART – where it says number of employees – input anything over 10… don’t put just 10… put anything over 10. This is what will get you the 10k without any issues.
Step 17: on the next page – there’s a box that asks you if this business is owned by another business… make sure to check NOOOOO.
Step 18: now input your personal information like your Name, Addy, SSN (make sure it’s the same as the front page we fill above) phone number.
Now where it asks you title – input CEO OR FOUNDER.
Step 19: your going to be asked a bunch of questions so here’s how you answer them correctly:
Question #1 = No Question #2 = No Question #3 = No
Now where it says if someone help you with this application etc – leave this whole area blank.
Step 20: NOW NOTE — THERES GOING TO BE A BOX THAT ASKS DO YOU WANT TO RECEIVE A GRANT OF 10K… CHECK THAT BOX
Step 21: now it’s going to ask you to input your banking information like bank name, routing and account number — MAKE SURE YOU DOUBLE CHECK THIS INFO BEFORE SUBMITTING BECAUSE YOU CANT CHANGE THIS AFTER YOU GET YOUR CONFIRMATION NUMBER.
Finally you confirm the captcha and review your information and that’s it…
MAKE SURE TO SCREENSHOT YOUR CONFIRMATION NUMBER AND KEEP IT FOR YOUR RECORD INCASE YOU NEED TO FOLLOW UP WITH THE SBA ABOUT YOUR 10K.
Green depending on who you get your pros and fulls from
Pros have to be 800+ to get approved faster
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