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What Small Business Owners Should Know About SBA Loan Guaranties & Guarantors
Understanding loan guaranties is crucial for small business owners, as they are key components of securing financing. Sometimes, bank requirements for guaranties can catch applicants off guard, especially if they weren't anticipating this requirement. This article outlines essential information regarding SBA loan guaranties tailored for small business owners.
Utilizing Escrow in Acquisition Deals for Small Business Owners
For small business owners considering acquisition deals, understanding escrow agreements is crucial. These agreements are often used in 100% financed loans to provide a safeguard through clawback provisions. Typically, the seller receives most of the purchase price at closing, wired directly from the lender.
Equity Injection Rules for Small Business Acquisition Loans
When discussing financing options for acquisition loans, small business owners often want to know about cash down payment requirements, seller financing options, and details related to equity buy-ins and seller guarantees. This article focuses on the cash down payment requirements for bank loans in small business acquisitions.
Acquisition Pro Formas for Bank Loans
This article aims to help small business owners understand acquisition pro formas from a lender's perspective. It's important to note that pro forma templates are widely available in our industry. You can obtain one from your contact at your bank or financial institution, as well as from various vendors in the M&A ecosystem.
Navigating Your Existing EIDL Loan and Lien
If you're a small business owner, understanding how to manage your Economic Injury Disaster Loan (EIDL) is crucial, especially if you're considering applying for a new loan. According to the latest Standard Operating Procedure (SOP) 50 10 7.1 from the SBA, any EIDL approvals over $25,000 come with a lien on your business assets. This applies to both loans and advances received through the COVID-19 EIDL program.
Fascinating Facts About Money
Money is an integral part of our lives, yet there are many intriguing and unusual aspects about it that often go unnoticed. Here are some interesting facts to consider:
Understanding Spousal Guaranty Requirements for SBA Loans
As a small business owner, you might be wondering about how your business loan will affect your spouse and shared assets. We're breaking down the essentials of spousal guaranties and the recent changes from the SBA you need to know.
Back Taxes and Bank Loans: What Small Business Owners Need to Know
As a small business owner, understanding how back taxes can impact your ability to secure financing is crucial. Neither conventional lenders nor the SBA are eager to discuss loans aimed at paying back taxes, especially those owed for multiple years. This challenge affects businesses across all industries, and it's important to recognize that financial advisors facing this situation often encounter additional scrutiny from lenders. Even when we clarify the differences between financial planning advice and the operational skill set of a small business owner, it’s no surprise that most banks have internal policies deeming a delinquent tax debt an ineligible loan purpose.
Equity Buy-ins Now Eligible for SBA Loans
The SBA has been a valuable resource for various financing needs, but partial equity buy-ins—where someone purchases a portion of a business's equity—have been off the table—until now. The SBA has revised their operating procedures, and one of the major impacts for small business owners is that partial equity buy-ins are now allowed under their partial change of ownership rules.
2024 Tax Calendar
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, postmark this payment by January 16, 2024.
Maximum Interest Rates for SBA 7(a) Loans
Understanding the maximum interest rates for SBA 7(a) loans can help you make informed borrowing decisions for your business. Here's a breakdown of the current rates based on loan amounts:
A Look at SBA Fee Changes for Small Business Owners
With the recent updates to the Standard Operating Procedure (SOP) 50 10 7.1, several fee structures have shifted from the previous SOP 50 10 6. So, what changes should small business owners be aware of?
All Your Business Loan Collateral Questions Answered
When applying for an SBA loan, it's important to know that requests aren’t rejected solely due to insufficient collateral. In fact, one of the key reasons lenders utilize the SBA program is to assist applicants who demonstrate repayment ability but may not have enough collateral to cover the loan in case of default.
Match the 5 Cs in Business Loan Qualification
When considering a potential business loan, it’s essential for small business owners to focus on key factors that ensure a smooth financing process and future success. At LoanBox, we’ve identified five critical elements that will guide you through this complex journey, ensuring alignment and preparation for seamless integration of the loan into your operations.
Our Analytics Platform is a Factory of Business Intelligence
The original source of SBA loan data is derived from data released by the U.S. Small Business Administration (SBA). The SBA collects individual loan data from the SBA lender/bank approving and providing SBA loans. The SBA then makes basic loan data public through the FOIA (Freedom of Information Act) requirements. The SBA FOIA data is imported into the SBADNA advanced analytics platform which is then used to generate the reports and rankings shared on LoanBox.
SBAmatch Evolves into LoanBox: An Innovative Small Business Lending Platform
For years, SBAmatch has provided valuable insights into the SBA lending landscape, empowering business owners with knowledge and data to make informed decisions. However, we recognized the need for a more comprehensive solution that goes beyond simply providing information.
SBAmatch has evolved into LoanBox, a powerful platform that connects borrowers with the right lenders, streamlines the application process, and provides access to a wealth of resources. The current lending system is broken, leaving borrowers lost and frustrated with a lack of transparency and a sea of confusing information.