SBA Loans Qualifying?
Lightning Commercial Funding
Harlan's company has been able to assist my clients with all of their financing needs, whether for SBA Loans, Business Line of Credit, Accounts Receivable Financing or even Land Development and investment property financing.
Jeff Weston, Action Coach Master Lessor
Can Your Business Pass the 5C's+E Test
Most importantly, how does your need for financing mesh with your Business Plan? If you don't have a business plan, make writing one your first priority. All capital sources will want to see your for the start-up and growth of your business.
Do you need more capital or can you manage existing cash flow more effectively? How do you define your need? Do you need money to expand or as a cushion against risk? Do you have collateral for the loan?
How urgent is your need? You can obtain the best terms when you anticipate your needs rather than looking for money under pressure.
Is my business even eligible for SBA financing? What are the Business Types that are eligible for SBA Financing
There are some businesses that are not eligible for SBA Loans because of the nature of their operation.
How great are your risks? All businesss carry risks, and the degree of risk will affect cost and available financing alternatives.
In what state of development is the business? Needs are most critical during transitional stages
For what purposes will the capital be used? Any lender will require that capital be requested for very specific needs.
What is the state of your industry? Depressed, stable, or growth conditions require different approaches to money needs and sources. Businesses that prosper while others are in decline will often receive better funding terms.
Is your business seasonal or cyclical? Seasonal needs for financing generally are short term. Loans advanced for cyclical industries such as construction are designed to support a business through depressed periods.
How strong is your management team? Management is the most important element assessed by money sources.
What is the Debt Service Coverage ratio with and without ad backs