SBA Application Checklist

If you are just joining us it is strongly suggested to start from the beginning, visit How to Get Approved, and work your way through the lessons. You’ll get the most out of this lesson if you fully understand the whole process…

Let’s get to this final lesson. There are only a few tips that tie everything together, other than that you have all you need. It would have taken you months to gather and piece together this much credible information. We’ve done you a huge favor whether you realize it now or not. The only repayment we ask is you completely read through this entire message and provide one final comment after reading through everything. You won’t want to miss out, there’s a very valuable prize to be had for today’s comment.

Read these two facts until you can recite them from memory. We’ve found the thing that stops our full-service clients the most is thinking there is something bigger/better out there. They get anxious, start searching online and come across a new concept, idea or program. If there were something different for them to be doing at that time we would be doing it. It’s the nature of human being to always think there’s something better out there. Do you approach your taxes the same way or do you believe your CPA more often than not about what the best thing is to do?

Fact #1: There is absolutely NO cash lines of credit or credit cards available today without a personal guarantee, unless of course you have a business that does over $3MM in revenue and maintains a 6 figure bank balance. Then, and only then, will any bank think about giving you any unsecured credit without requiring a personal guarantor that has an above average credit score.

Tip #1 – Run away from anyone that tells you that this is possible. If it were we would still be doing it for ourselves!

Fact #2: More and more banks are relying on business credit scores for larger loans or lines of credit. In the best case, your business credit score and high reporting tradelines will be the little extra the underwriter needs to approve your funding request if your personal credit isn’t perfect. Worst case, by going through the process of establishing a business credit score you will ensure you don’t get declined for one of the many minor compliance issues that underwriters initially check for. We’ve seen people with perfect personal credit get declined because something was wrong with their business credit profiles. Like it or not, staying in compliance is becoming an essential part to running your business.

Tip #2 – Run away from anyone that tells you that your business credit score isn’t important. Sure you might be able to get a number of $5-$10K business credit cards if you have perfect personal credit but you will never get approved for any unsecured loans or lines of credit, especially any larger SBA loans.

More thanks and praise. We can’t say enough how thankful we are for your participation throughout each of the lessons. There were a few common questions we want to address for the benefit of everyone.

What’s the Catch? Why are you giving out all your secrets? Surprisingly, this is the most frequently asked question which is understandable in the murky waters where sharks sometimes come out to bite you. I have been very blessed with the opportunities, knowledge and experience we’ve received over my career. That being said, my mission with this website it to give a little something back. I started learning about the basics of establishing and financing a business from a free online forum. If this type of website was available when I was a starving startup entrepreneur then my starving days would have been much fewer and far between.

What Now? Do it Yourself or Hire a Professional?

You are now armed with the basic knowledge you need. Now the only decision to make is whether to give it a try on your own or hire a professional.

Doing it Yourself – We spent over a hundred hours and thousands of dollars buying e-book after e-book and using different services until we were able to pull out the golden nuggets and broke them down into this free membership website. We’ve said it once, and we’ll say it again, everything you need is here so there’s no need for you to go anywhere else. You can Subscribe to the Blog and get updated information, and always feel free to leave a Comment. I’m glad to spend as much time as necessary as long as you leave it online for the rest of the world to learn from as well.

Professional Service Companies – If you have the money to invest and want to make sure it’s done right the first time this is definitely the way to go. We’ve been in the industry long enough and dealt with enough clients to know who to trust and who not to trust. We look for four things when screening potential companies to work with:

• Immaculate BBB Rating
• 100’s of Satisfied Clients
• Iron-clad Guarantees
• Full-Service (No Work on Your Part)

Obviously we’re biased. Our full-service programs are unparalleled in the industry in price, service and proven results. Hopefully you’ll at least start your search with us if you choose this route.You can either knuckle down and learn from everything provided, or visit My Schedule and we’ll figure out together what works best for your specific situation.

Why is Your Business Successful? You’ve spent your time, money, effort and poured your heart and soul into building your business. You know it inside and out better than anyone ever could. Just imagine how long it would take for you to explain your business from the ground up; daily operations, accounting, sales, marketing, fulfillment, shipping, management, hiring, and so on. Not to mention how often things change in your small business. In fact, for anyone to keep up with your business they’d have to be looking over your shoulder day and night. With the hassles of running a business the majority of business owners don’t have the time to learn anything about business credit, personal credit and financing their business. Unless you have a relationship with a banker that you know will give you money whenever the need arises you are often left wandering the mine field alone, hoping not to step on a grenade.