mall Business Administration (SBA) loans have been a lifeline for countless small businesses, providing crucial funding to help them grow and thrive. But have you ever wondered if it's possible to obtain more than one SBA loan to further your business aspirations? In this blog post, we'll explore the possibility of securing multiple SBA loans and provide insights into the eligibility criteria and considerations you should keep in mind.

Exploring the Opportunity

The video transcript above starts with a simple yet crucial question: Can you secure more than one SBA loan? The speaker, who goes by the name Beau, sheds light on this intriguing possibility. Let's break it down step by step.

Yes, You Can Have Multiple SBA Loans

According to Beau, it is indeed possible to have multiple SBA loans. However, there are some conditions to consider. If you're obtaining these loans within a 90-day window, the lender will scrutinize the aggregate amount. This means that while you can have multiple SBA loans, they should not exceed a specific total.

The Key Criteria

To put it in perspective, Beau mentions that you could potentially have up to 10 SBA loans, as long as the total aggregate of SBA financing remains below five million dollars. This is an essential piece of information for businesses looking to leverage this funding opportunity.

A Simple Checklist Process

Beau also outlines a straightforward checklist process that can help you get started. Here are the key steps:

1. Initial Call: Typically, you would book a call with the lender.
2. Business Assessment: During the call, you would discuss the nature of your business, whether it's acquiring an existing one, starting a new one, or another type of business venture.
3. General Needs List: Beau would provide you with a general needs list based on your business type. This list contains the essential information required to proceed.
4. Gathering Financials: To apply for multiple SBA loans, you would need to provide your financial statements for the past three years, the business's financials for the past three years, and a few other required documents.
5. Specific SBA Forms: These include the financial statement, known as Form 413, and Form 1919, which is essentially an SBA loan application.

Consider Simultaneous Applications

It's important to note that while applying for multiple SBA loans is possible, doing so simultaneously may cause some complications. Beau advises that if you're planning to pursue multiple loans, you should work closely with your lender to navigate the process effectively.

Ready to Explore Your Options?

If you're contemplating SBA financing for your business needs, there's a wealth of information and support available. Beau encourages potential borrowers to book a call to discuss the various SBA financing options, which include the 7A and 504 SBA loan processes. Whether you're buying an existing business, a franchise, starting a new venture, or expanding your current operations, Beau's expertise can guide you through the process.

Conclusion

In conclusion, securing multiple SBA loans is indeed a possibility, provided you meet the criteria and navigate the application process effectively. The aggregate financing amount should remain below five million dollars, and there's a checklist to streamline the application process. If you're considering multiple SBA loans, it's essential to work closely with your lender to ensure a smooth experience.

For those ready to take the next step in exploring SBA financing for their business, booking a call with a knowledgeable expert like Beau can be a game-changer. With years of experience in the lending industry, Beau is well-equipped to answer your questions and provide valuable insights to help you make informed decisions about your business financing needs.

So, don't hesitate to embark on your SBA loan journey—whether you're a startup, acquiring an existing business, or pursuing other entrepreneurial endeavors, the opp