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Business Plan/SBA Loan Guide
Posted on 10/23/20 at 1:56 pm
Posted on 10/23/20 at 1:56 pm
My son wants to start a small business. He has some capital, and he has very relevant experience in the field.
He needs a business plan, and he may seek an SBA loan.
Is there a good guide out there for business plans/SBA loans?
He needs a business plan, and he may seek an SBA loan.
Is there a good guide out there for business plans/SBA loans?
4
Posted on 10/23/20 at 2:01 pm to JudgeHolden
The business plan needed for an SBA loan can be super simple.
Of course, I’d recommend a more comprehensive business plan for his own good, but the SBA requirements themselves are pretty basics.
Bankers make a big difference in this arena - get a good one and establish a lasting relationship.
Of course, I’d recommend a more comprehensive business plan for his own good, but the SBA requirements themselves are pretty basics.
Bankers make a big difference in this arena - get a good one and establish a lasting relationship.
Posted on 10/23/20 at 7:53 pm to JudgeHolden
I've always heard the fees for these loans can get fairly high.
Posted on 10/23/20 at 8:23 pm to tigersfan1989
They are 2% to 3.75% depending on loan size, but you can roll them into your loan, so that you’d only pay a fraction of that fee upfront.
Posted on 2/15/23 at 10:14 pm to DennisMcfarland
Will have to check that out, we are meeting with thr CPA tomorrow and banks next week.
Posted on 2/15/23 at 10:39 pm to GREENHEAD22
That's a bot bro
Posted on 2/16/23 at 5:56 am to Fat Batman
Fees are waived right now (see below). I do a lot of sba loans but usually $250k and over. I have some micro loan lenders but start ups are tough but doable.
As someone said, business plans and projections can usually be pretty simple. They’re more or less a check mark to make sure the person has thought it through and has some type relevant experience etc. I’ve never seen a business plan that loses money lol.
Shoot me an email if you want - Lnobles@redstickag.com. Happy to try and help however I can.
For loans of $500,000 and less: 0.00%.
b) For loans of $500,001 to $5,000,000: 0.55% of the guaranteed portion of the outstanding balance of the loan.
As someone said, business plans and projections can usually be pretty simple. They’re more or less a check mark to make sure the person has thought it through and has some type relevant experience etc. I’ve never seen a business plan that loses money lol.
Shoot me an email if you want - Lnobles@redstickag.com. Happy to try and help however I can.
For loans of $500,000 and less: 0.00%.
b) For loans of $500,001 to $5,000,000: 0.55% of the guaranteed portion of the outstanding balance of the loan.
This post was edited on 2/16/23 at 5:59 am
Posted on 2/16/23 at 6:18 am to JudgeHolden
I highly encourage you and your son to buy an existing biz vs start one of your own.
The risk is much smaller and there are tons of boomers retiring right now.
SBA loves to loan on existing cashflows vs hypothetical cash flows.
The risk is much smaller and there are tons of boomers retiring right now.
SBA loves to loan on existing cashflows vs hypothetical cash flows.
Posted on 2/16/23 at 7:47 am to JudgeHolden
quote:
s there a good guide out there for business plans/SBA loans?
What kind of business are we talking about?
I would do everything possible to try and not do an SBA loan. SBA loans are there for people that can’t get a loan another way, for the most part. They are an easier way to get a loan, easier loans are usually more expensive. But you also need to ask myself, why do I need this loan?
Getting a SBA imo often times allows an owner to put money down on things they shouldn’t. Gives you options you shouldn’t take.
Try and get a loan on the equipment and anything that has equity first. Bust it on everything else.
Posted on 2/16/23 at 8:46 am to baldona
Correct. All depends on what its for, industry and really how much they need. If they only need $50k then yeah, I'd bootstrap it and go to a fintech to borrow that or a family member.
But if we're talking $100k and there's no collateral anywhere, nobody's going to lend that unsecured on a signature for a start up business. Unless you have a rich sugar daddy willing to sign a PG.
HELOC's are an option if there's equity in a house. I personally have never done or heard of anyone doing a cash out on a piece of equipment so I wouldn't consider that a viable path.
But if we're talking $100k and there's no collateral anywhere, nobody's going to lend that unsecured on a signature for a start up business. Unless you have a rich sugar daddy willing to sign a PG.
HELOC's are an option if there's equity in a house. I personally have never done or heard of anyone doing a cash out on a piece of equipment so I wouldn't consider that a viable path.
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