[Sean Cash]

Some of the stips of the loan:

Each principal owner must personally guarantee the loan. A principal owner is an individual who owns 20% or more of the business. If a married couple collectively own 20% or more of the business when their shares are combined, then both are considered principal owners.

If you lease property for your business and you are requesting a loan of $26,000 or more, you will be required to get your landlord to sign a release. We will provide this release to you when you upload other required documentation.

Once your tax returns and documents are verified, you will receive an email with a link to print and sign your loan package if you are applying for a $25,000 or smaller loan. If you are applying for a $26,000 or larger loan, you will be contacted by a notary to sign your loan package.

For loans $26,000 and higher, we will need to contact your insurance agent to get certificates of your insurance policies. Our lender will also need to be named as a loss payee on your policies.

We collect bank account, current income statement, current balance sheet, past net income, and outstanding loan information among other financial data.

Collateral depends on what size loan you apply for. If you apply for a SmartBiz SBA loan that is $25,000 or less, no collateral is required. If you apply for a SmartBiz SBA loan that is $26,000 or more, collateral is required (a lien on all fixed business assets including business owned real estate). Also, if you are purchasing new equipment with your loan, our lender will need a first lien on this equipment and will pay your new equipment vendor directly. If you are borrowing $26,000 or more and refinancing existing business debt, our lender will pay off your other loan directly.

No outstanding tax liens
Judgments, bankruptcies & foreclosures settled for over 3 years
No current charge-offs or settlements

No criminal record
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I'd have to say that for a lot of small business owners, the buck stops at financial statements or tax returns. They don't have them, can't find them, didn't file them, did them but they're completely wrong, reported a huge loss for "tax purposes", or their accountant is on vacation and isn't coming back until after they're funded. Financials are a deal breaker.

These loans target small businesses that are truly bankable, the ones that have 100% of their act together. And let's not forget that the government foots the bill on these if the deal goes bad.

[nwarshaw]

50% are bankable, but 50% not for various reasons, but still get funded by SmartBiz. Certainly not the same approval rate as a typical DRP product, but much great than the SBA long version or at a bank.
The stips above are good.
If you want the product deck, contract, etc. send me an email at nawarshaw@gmail.com

[skideeppow]

Some of the stips of the loan:

Each principal owner must personally guarantee the loan. A principal owner is an individual who owns 20% or more of the business. If a married couple collectively own 20% or more of the business when their shares are combined, then both are considered principal owners.

If you lease property for your business and you are requesting a loan of $26,000 or more, you will be required to get your landlord to sign a release. We will provide this release to you when you upload other required documentation.

Once your tax returns and documents are verified, you will receive an email with a link to print and sign your loan package if you are applying for a $25,000 or smaller loan. If you are applying for a $26,000 or larger loan, you will be contacted by a notary to sign your loan package.

For loans $26,000 and higher, we will need to contact your insurance agent to get certificates of your insurance policies. Our lender will also need to be named as a loss payee on your policies.

We collect bank account, current income statement, current balance sheet, past net income, and outstanding loan information among other financial data.

Collateral depends on what size loan you apply for. If you apply for a SmartBiz SBA loan that is $25,000 or less, no collateral is required. If you apply for a SmartBiz SBA loan that is $26,000 or more, collateral is required (a lien on all fixed business assets including business owned real estate). Also, if you are purchasing new equipment with your loan, our lender will need a first lien on this equipment and will pay your new equipment vendor directly. If you are borrowing $26,000 or more and refinancing existing business debt, our lender will pay off your other loan directly.

No outstanding tax liens
Judgments, bankruptcies & foreclosures settled for over 3 years
No current charge-offs or settlements

No criminal record
-------------
I'd have to say that for a lot of small business owners, the buck stops at financial statements or tax returns. They don't have them, can't find them, didn't file them, did them but they're completely wrong, reported a huge loss for "tax purposes", or their accountant is on vacation and isn't coming back until after they're funded. Financials are a deal breaker.

These loans target small businesses that are truly bankable, the ones that have 100% of their act together. And let's not forget that the government foots the bill on these if the deal goes bad.

I got a guy they were going to fund 350k and when it went to the bank, after 10 days of undwriting the bank came back and already had a loan app from him for only 125k. So needless to say, the deal got scrapped.
I have another one in the hopper, but yes, they require a ton of paperwork. Most people will not have this on hand.