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Business Consulting
- We provide consulting services relating to cash flow
issues. If you are considering a loan, or want to find out
what your options are in working with your lender on an existing SBA
loan, give us a call. If we are not able
to help you directly, we
can connect you to resource partners who may be able to assist
you, including some at no additional cost.
Business Loan Pre-Flight
– Includes interview, preliminary review
of financial statements and a 3-5 page summary report.
- Check readiness for financing – what else is needed
- Strengths/Weaknesses – what your lender will assess
- Best Fit – Bank financing, alternative funding sources, other
- Resources – learn about resources to help you and your business
Why Would You Need this Service?
Lenders don’t have time to help you put
together a loan that may not get funded.
You need to be prepared
before you get there. SBA Business Solutions will see
if you are
“bankable,” tell you what your lender’s initial concerns may
be, what you
can do to increase your probability of getting funding,
and what funding options to consider (SBA term loan, SBA 504
(fixed-asset financing), line of credit, etc.
If you have just determined that you need a loan, and do not have a
relationship with
a lender, we
encourage you to attend one of SBA’s FREE Business Loan Briefings
held in Spokane on the 1st and 3rd Thursday of
the month. For more information go to: www.sba.gov/wa.
Call us after you attend the briefing, or if your lender referred you.
Your lender may request a business plan, more
in-depth financial statements or background information. We do not
offer those services, but can refer you to resources (professional
consultants, specific SBDC, or SCORE counselors,) for additional
help.
If your lender referred you to us, we will
request a release from you to talk with your lender and obtain
information from him/her, to help us determine if new financing is
feasible. We will also ask your consent to release information from
the interview to the lender. Your
lender may have concerns that you are not aware of. If we can address those concerns up front, you are more
likely to get the loan you want.
If your lender does not want to proceed with a
loan, but we believe your proposal has merit, we may refer you to
other lenders (bank and non-bank) who may want to help you.
Referrals are not an endorsement of you or your
proposal, but an additional opportunity for financing. Additionally,
referrals are not an endorsement of the lender or lending
institution.
To arrange an appointment, please contact us by
e-mail and we will send you additional forms and a list of
what information will be needed. The more complete the package you
provide, the more complete your evaluation will be.
Payment is due when service is rendered. If SBA
Business Solutions packages the loan for the lender, the amount you
paid for the “Pre-Flight” will be deducted from our fees
relative to your loan. Because it is only a preliminary review, it
is not a guarantee of financing.
Loan
Packaging - You are not required
to use a loan packager to get an SBA loan. Some banks will work with
you on putting together the paperwork SBA requires for a loan. In
those cases, the lender will charge you a packaging fee.
If you want to put together a proposal you can
"shop to several banks" or if your
Lender does not have dedicated SBA staff in-house and wants to
provide you with that financing option, we can work with you to get
the documentation SBA needs to process the loan quickly.
- One of the most frequently asked questions is how long a
process is it? That actually depends on you. The biggest delay
in processing most business loans is getting the information
that is needed, which includes personal and business financial
statements and other information depending on the size and
purpose of the financing.
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The Business owner/applicant will be requested
to provide information by phone, and in writing or by e-mail at
least two times. If the information is not provided, and/or the
application is withdrawn, the package will be closed and no
further action taken.
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All financial statements, tax returns, and
supporting documents must have current
signatures and dates. Loan proposal is based upon information
provided by the applicant.
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If the owners/applicants are married, both spouses
must sign the personal financial statement, even if the spouse is not a
guarantor. This is a requirement of SBA, not your lender. Both
signatures are required because the financial statements reflect
community property assets.
- The Fee for Loan Packaging varies by size of loan and complexity of project.
Please call us to discuss your proposal. Fees for services rendered
are due, regardless of whether or not the loan is approved. SBA
requirements state that loan packaging fees cannot be contingent
upon approval, since they do not want the packager to promote
the loan's approval just to be paid. If at any time we believe
that it is unlikely the loan would not be approved, you would be
notified at that time, to see if you wanted to proceed, and you
would only be liable for work done to that point, not the entire
packaging fee.
- The loan is approved by the
lender and SBA, not
SBA Business Solutions, Inc. Information and forms will be provided to
the lender for their review and approval prior to submittal to SBA
by their staff.
Business
Valuations - financial
analysis. If you are considering buying a business, this is
critical. The purchaser needs to take into consideration factors
that will affect their success in the business - changes in the
industry, law, or costs in operation of the business that may not be
addressed in the seller's valuation. The valuation can help
determine the price you decide to offer. Depending on the size of
the loan request, the lender is required by SBA to order its own
appraisal, but this is done after the purchase agreement has been
drafted.
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