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The Business Loan Software is greatly designed to handle credit requests for any of the following: Term Loans, Lines of Credit, Leases, Credit Cards, Commercial Mortgage, User-defined Credit Types
It is a common misconception that the SBA makes the loans directly. Loans come from local lenders, not the SBA. What the SBA does is stands behind you by guaranteeing a major portion of the loan requested thus reducing the amount your lender is risking. Your first step would be to go through a traditional loan and if you are turned down by your bank, then you could seek SBA's help. Your lender will usually go over your application and recommend a course of action you need to take to better your chances.
The person requiring a loan needs to approach a financial institution and check what kind of loans they offer and on what conditions. Based on that; if the loan type matches his/her requirement and if he fulfills the eligibility criteria he/she needs to apply for a loan. The documents required for a business loan are slightly different when compared to what is required for other loans.
The documents may vary from one FI to another slightly but below is generally accepted list:
1.Application Form
2.Bank Account Statements for last 3 or 6 months
3.Income Tax Returns
4.alance Sheet and P/L Account Statement for the last 2 years with Annexure
5.Form 16 A
6.KYC documents for Applicant and Co-applicant (if any)
7.Business Vintage for 5 years
8.Proof of Business Continuation
9.Documents like Sole Proprietor Declaration Or Certified Copy of Partnership Deed, Certified true
10.Copy of Memorandum & Articles of Association (certified by Director) and Board Resolution.