[8FigureFunder]

I have a client who owns a construction company, does about $600K-$1M monthly, and has only been in business for 1.3 Years (No business tax returns). We have 2 separate invoices for equipment totaling $160K. We are in the final stages of underwriting and the client decided he wants to entertain an SBA option. His credit scores are all around 730, what are the current rates with SBA right now and would he qualify? I know Prime is 8.5%

[MJames]

I have a client who owns a construction company, does about $600K-$1M monthly, and has only been in business for 1.3 Years (No business tax returns). We have 2 separate invoices for equipment totaling $160K. We are in the final stages of underwriting and the client decided he wants to entertain an SBA option. His credit scores are all around 730, what are the current rates with SBA right now and would he qualify? I know Prime is 8.5%

Need 2 years in biz for SBA & 2 years of business and personal returns

[8FigureFunder]

Are there any start-up options?

[Olderguy]

Yes - you can do a start up with a SBA 7A.
10 years 10.5% adjusts every 3 months.

I have two SBA lenders that can do construction.

I have an equipment guy for start ups, short TIB - Tony at Finance It Forward

You can also get a SBA micro loan from the SBA website up to $50,000
https://www.sba.gov/funding-programs/loans/microloans

Need PFS - strong financials
Credit reports
Management experience and industry experience
Strong projections, business plan, etc
Personal and business assets for collateral.
Good cash flow.
Tax return one year is fine
P & L and balance sheet for year end 2022 and YTD 2023.

It would help if you have additional previous experience in the industry.

[Yankeeman07]

Check with Southend Capital which is a division of Stearns Bank - They handle equipment financing.

[8FigureFunder]

Thank you!

[CRElender]

I work for one of the nation's largest SBA 7a lenders. Unfortunately, we only do commercial real estate secured deals and not equipment.
Let me know if come across any commercial real estate secured SBA deals and you can deal directly with the funding source.
Good luck with your current project.