Results 1 to 9 of 9
-
08-08-2022, 12:55 PM #1
- Join Date
- Mar 2021
- Posts
- 185
SBA 7(a)
Can anyone advise how much ownership is needed to qualify?
I have a restaurant looking to expand and open a second location... there are multiple owners. The owner with the most equity is 22.5% with a green card.. Owner 2 owns 5% and is a full citizen. The rest of the owners are not Citizens yet. Would they qualify? Any guidance here would be appreciated.
-
08-08-2022, 01:16 PM #2
21% or more ownership needs to be on app.
Operating agreement can be changed to different ownership %.
ITIN is OK. Proof of residenceLast edited by Olderguy; 08-08-2022 at 01:34 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
08-08-2022, 01:27 PM #3
- Join Date
- Mar 2021
- Posts
- 185
-
08-08-2022, 07:25 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,924
SBA Web Site Info:
7(a) loans (sba.gov)Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
08-09-2022, 10:12 PM #5
If you really want to look into this, just going to SBA site isn't the answer. It is going to take some experience. If you want to give me a shout, I'd be glad to review guidelines and give you some basic qualification information.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
08-10-2022, 10:07 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,472
Hi Goat,
I highly suggest getting to know some local SBA bankers that work for community banks based in your are or large national SBA lenders that may have an office in your area. Discover what industries they like and what it takes to get deals done. You will develop relationships with lenders, know what takes to get deals done, know what industries they like to finance, and they could just very well wind up being a referral source for you. Not every company that approaches the SBA lenders qualify and/or it may be the wrong product to finance the client's needs. There are also a host of SBA related conferences and associations nationally. Do your research! Reputable lenders will be members of industry associations and regularly attend/sponsor events.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
08-29-2022, 10:36 AM #7
- Join Date
- Dec 2018
- Posts
- 3
Any recommendations for SBA lenders that like to finance within the Construction industry specifically? Outside of Newtek & Smartbiz.
-
08-29-2022, 11:00 AM #8
yes...but it isn't that simple....there are SBA bank lenders and SBA non bank lenders. If you don't have any experience in doing these, I wouldn't recomend you just trying to contact lenders. It isn't as simple as uploading docs in SmartBiz portal and getting approvals or denials. If you want, you are welcome to call me and I'll be glad to review your situation and steer you to a place that might work for you.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
08-29-2022, 10:49 PM #9
If you are having trouble with SmartBiz and Newtek, I can only suggest there is an issue with the merchant, or maybe a submision issue.
https://dailyfunder.com/showthread.p...nder-denied-itSteve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.