[abcloser]

Hey lovely people, had a question for anyone well versed in sba products. I was speaking with a broker who told me he can get a SBA loan for a client with only 1 year of business tax returns , year to date PnL and the typical questionnaire.

And then some other brokers told me they all need atleast 2 years of taxes. Wondering which one is true and if its possible to still get the sba with 1 year of taxes. Merchants been in business since 2022 , 660 credit , $480,000 annual business revenue

And yes, i know steve benjamin handles these types of things. Just wanted to know if it was possible

TIA

[Olderguy]

if it cash flows.

And passes credit committee.

You can also get a micro loan up to $50,000 and it's for start ups.

https://www.sba.gov/partners/lenders/microloan-program

[Incbiz440]

if it cash flows.

And passes credit committee.

The bank/lender that is taking a loan for a business with less than half a million in revenue to loan committee would have to be extremely small. The only places I've ever seen anything in that ballpark hit any sort of committee were local economic development funds or small SBA microlenders; maybe a credit union or community bank. Override and approval on something that is likely sub-$250 and probably much less than that is going to land with a department manager.

[Incbiz440]

Hey lovely people, had a question for anyone well versed in sba products. I was speaking with a broker who told me he can get a SBA loan for a client with only 1 year of business tax returns , year to date PnL and the typical questionnaire.

And then some other brokers told me they all need atleast 2 years of taxes. Wondering which one is true and if its possible to still get the sba with 1 year of taxes. Merchants been in business since 2022 , 660 credit , $480,000 annual business revenue

And yes, i know steve benjamin handles these types of things. Just wanted to know if it was possible

TIA

Technically you can get "a" SBA loan with that or less, but what program. When I was working in banks under 2 years was considered start-up and full package, but non-bank SBA did smaller loans sometimes did with a year, or a scored process TIB+credit+basic SBA qualifiers. Those were little though, talking 50k or under.

[Ehenek]

I know of a select few that will do an SBA504 with the above said scenario. However, for an SBA7(a) it is possible but you MUST have STRONG financials!

[Steven_O]

You can get an SBA Microloan with 2 years of business tax returns. (22 and 23 now). Doesn't matter if you have losses or other SBA's or other MCA's. $50k or less. 640 credit minimum.

Want to fund your client?

You need 2 yrs of tax returns, 3 recent business bank statements, ID and 2 applications 1919 and General Questionnaire completed and signed.

Funds in 10 days.

Payment on $50,000 is $810 a month as of this writing.

Want more info? PM me.

[CRElender]

Replying as an actual SBA lender, I can tell you we can approve deals with only one year of tax returns and YTD financials. The business needs to cash flow at least .75X in the tax return and 1.15X interim. We only lend on CRE secured deals so I can't do working capital, refi or working capital, etc.
If I can help, please let me know.

[Bcooper]

Hey lovely people, had a question for anyone well versed in sba products. I was speaking with a broker who told me he can get a SBA loan for a client with only 1 year of business tax returns , year to date PnL and the typical questionnaire.

And then some other brokers told me they all need atleast 2 years of taxes. Wondering which one is true and if its possible to still get the sba with 1 year of taxes. Merchants been in business since 2022 , 660 credit , $480,000 annual business revenue

And yes, i know steve benjamin handles these types of things. Just wanted to know if it was possible

TIA

as long as they cashflow that first year, its actually easier to do a 1-2 year old start up than an established company.