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How to qualify for SBA small business loans

The Small Business Administration leads the way for new and existing businesses to get the funding those businesses need to keep the U.S. economy going. SpotOn Financial has relationships to compete with local banks to provide access to sba loans, government small business loans, we have helped business owners in Colorado Springs, Boulder, Denver, and across the United States get access to emergency business loans offered by the SBA.

Book Appointment To Learn If You Qualify

SBA LOANS

Types of SBA Loans WE OFFER

Types of SBA Loans WE OFFER

Types of SBA Loans WE OFFER

Although the Small Business Administration offers many types of business funding. SpotOn Financial focuses our efforts, team, and network in two key areas. Those are the SBA (7a) Real Estate Program with this program we can offer both purchase and refinance and the SBA 504 Programs for Working Capital and Equipment Purchase. We have helped business owners qualify for other government small business loans as well as emergency business loans.

SBA 7(a) REaL ESTATE

Types of SBA Loans WE OFFER

Types of SBA Loans WE OFFER

The Small Business Administration 7(a) loans provide financing from $25,000 to $5 million to meet your general business needs, and are offered by banks. SpotOn Financial works with this banks to streamline the lending process and for a fixed fee helps borrowers apply and fund their SBA (7a) loan request. 

SBA 504 Loan

Types of SBA Loans WE OFFER

ARE YOU ELIGIBLE?

The U.S. Small Business Administration 504 Loan program conserves your working capital by requiring only a 10 percent borrower contribution.If you do not qualify for conventional financing, the SBA- 504 loan may be right for you.

Use of proceeds: Long-term, fixed assets for expansion or modernization (usually real estate or large equipment). Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible.

ARE YOU ELIGIBLE?

SBA Loan Use of fUnds

ARE YOU ELIGIBLE?

Are you eligible to get a loan?

  • The business is for-profit
  • The business is located in the United States
  • The business is valued at less than $15 million and the business has an after tax profit of less than $5 million a year over the average of two years
  • The business owner will occupy 51% or more of commercial real estate that is being renovated or purchased
  • The business owner will occupy 60% or more of commercial real estate that is being built
  • The business has demonstrated need for credit.
  • Business owner has personal FICO score at or over 640

SBA Loan Use of fUnds

SBA Loan Use of fUnds

SBA Loan Use of fUnds

ELIGIBLE USES

Qualified borrowers can use Small Business Administration loans to:

  • Finance startup expenses
  • Finance working capital
  • Purchase an existing business
  • Buy, build or renovate commercial real estate
  • Purchase machinery or equipment
  • Business debt refinance
  • Include professional fees

The Process

SBA Loan Use of fUnds

SBA Loan Use of fUnds

The Process

  1. The Borrower completes intake with SpotOn Financial to check loan project eligibility and submits the loan package if eligible.
  2. SpotOn Financial provides feedback to the lender on any additional information or documentation needed.
  3. Once the package is complete, Lender submits it to SBA.
  4. SBA APPROVES THE LOAN!
  5. SpotOn Financial prepares a closing document for borrower to submit to lender. 
  6. The Lender is now responsible to close and disburse the loan.
  7. SpotOn Financaial is available to answer questions regarding loan modifications and liquidation.


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PayCHECK PROTECTION PROGRAM

The Paycheck Protection Program Round 2

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA will begin accepting applications for Second Draw PPP Loans on January 13, 2021.

To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from participating community financial institutions (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. Paycheck Protection Program lending will reopen to all participating lenders shortly thereafter. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods.


Loan details

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. 

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Who may qualify

A borrower is generally eligible for a Second Draw PPP Loan if the borrower: 

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

How and when to apply

You can apply for a Second Draw PPP Loan from January 13, 2021, until March 31, 2021. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from participating community financial institutions (CFIs). All Second Draw PPP Loans will have the same terms regardless of lender or borrower. 

If you wish to begin preparing your application, contact SpotOn Financial today to submit your application and package your request. 

AGENT Compensation

SpotOn Financial is classified as an "Agent". Agents or authorized representatives assisting businesses in obtaining a Paycheck Protection Program loan from the U.S. Small Business Administration (SBA) may be eligible to receive an agent fee.

Based on current guidance, A bank will pay agent fees if:

  • The agent’s relationship with the borrower was disclosed prior to the loan disbursement date;
  • The agent is not a paid employee of the borrower;
  • The agent and borrower submit a fully executed Form 159; and
  • The agent provides supporting documentation, including a detailed explanation of the work activities performed and an itemized list of the hours spent working on each activity.

A Lenders' specific Paycheck Protection Program agent fee reimbursement process is subject to change pending additional guidance anticipated from the SBA. Eligible agents will receive payment after a bank receives lender fees from the SBA for their client’s loan.

CALL NOW TO APPLY

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Let's See If You Qualify?

Ths Small Business Administration is currently funding small businesses to continue the economic growth of America. Your business can qualify with the right partner to support your request. SpotOn Financial can help you get the vital capital you need backed by the United States SBA.

Book Your Funding Appointment

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