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Top Tips for a Successful SBA Loan Application

Tips for a successful loan application

Did you know that many national brands – including Ben & Jerry’s, Columbia Sportswear and Chobani – have used SBA loans or services to help them grow?

Whether you’re a “big name” or an up-and-comer, there are a couple of common reasons why loan applications can run into speed bumps. The business owner may:

  • Combine personal finance numbers with business finances when reporting
  • Have trouble explaining a business plan or projections
  • Need assistance demonstrating depth of management

If any of this sounds like it could apply to you, don’t worry. Many of these services are provided for free by our partners, including Small Business Development Centers (SBDC) and SCORE.

As a non-profit, community-based partner that is certified by the U.S. Small Business Administration, Seedcopa helps package your successful application for government loans including the SBA 504 or SBA 7(a). Such loans typically offer the best terms and interest rates for small to mid-sized businesses, but submitting the ideal loan application is key.

“The first question every small business should be asking itself is, ‘How do lenders see me?’” says Sherwood Robbins, Managing Director of Seedcopa. “We specialize in taking the time to listen to small businesses as they tell their stories. Then we translate those stories into financial terms common to the commercial lending arena.”

A few more tips to smooth the process of applying for business loans, including the SBA 504 or SBA 7(a):

  • Make sure you have a clearly delineated business plan ready to show prospective lenders. (Check out our blog on 4 Reasons to Start a Small Business Plan Now.)
  • Provide personal and small business tax returns.
  • Provide interim financial statements for your business.

Have questions? Feel free to reach out to us anytime at 610.458.5700.

Seedcopa + SeedcoDE

For over thirty years, Seedcopa + SeedcoDE has helped businesses get the money they need to start, grow and expand. We are proud that the loan programs we work with promote economic development.

Together with economic development partners throughout Pennsylvania and Delaware, we help to grow local businesses, create and retain jobs and stimulate local communities.

Our team has over 75 years of combined government lending experience and a dedication to excellent customer service. After our initial assessment of your project, our commitment is to get you approved and closed.

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