Easy one-page SBA location LowDoc simplifies the application process. LowDoc provides a rapid response from the SBA usually only two or three days. LowDoc focuses on character, credit, and experience. Lenders will require additional information from the applicant. Personal financial statements are required for all guarantors.
Applicants negotiate terms with the lender.
Maturity may not exceed 25 years for fixed assets or 10 years for all other uses. All loans are to be adequately secured, but loans generally are not declined where inadequate collateral is the only unfavorable factor. Normally business assets are pledged, and occasionally personal assets. Personal guarantees of the principals are required. You also may request a free copy of The Resource Directory for Small Business Management, a listing of for-sale publications and videotapes, from your local SBA office or the SBA Answer Desk.