SBA Loan Question

Discussion in 'Business Operations' started by Need a Little Trim, Jun 4, 2006.

  1. Need a Little Trim

    Need a Little Trim LawnSite Member
    Messages: 137

    Any of the owners on here applied and received one for expansion, working capitol, or equipment purchases?

    I am in the process of expanding and thinking of going this route.
  2. Kate Butler

    Kate Butler LawnSite Senior Member
    Messages: 640

    Wait till you see how much paperwork is involved. Very daunting. I thought about it for about five minutes and decided I had better things to do than DAYS of paperwork.
  3. AAELI

    AAELI LawnSite Senior Member
    Messages: 360

    If you went the SBA lowdocs (less documentation) route you would not have days of paperwork to look forward to filling out. Our banker recommended this route and aided us in the process. The fact that our business has a track record for repayment of loans and a good history the process was virtually painless.

    If your business is to grow you may need to check this out. We used it to take on a new retail product line in addition to our landscape contracting.
  4. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Messages: 1,912

    Yes .... this was key .... having a firm foundation of previous loan payments .... equip fore collateral ....proven track record with P&L's with atleast 3 years

    The paper work was present ... but not that bad .... the whole process fore me took bout 30 days from start to the check hitting the bank

    I got a small one ($50K) primarily too increase the resale value of my business .... .just one more feather in the hat ... when I do sell ....just one more plus ..... after all to qualify & receive an SBA does give some validity to the foundation of one's business

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