US Members: possible to get SBA funding? - GoFuckYourself.com

tibberous · 09-05-2012, 08:09 PM

I've heard that getting loans through the SBA can be a huge pain in the ass. Still, would it be possible for someone with a 650-700 credit score, business ownership history and several years of employment to get a loan to buy a business?

Does anyone know anything about it? Not the shit on the SBA website, but actual, first-hand experience?

tubescribe · 09-29-2012, 07:56 PM

Your credit score will hold you back. SBA needs 3 years of business existence, profitability (or assets to collateralize against) and a 745+ score.

Try this service http://lexingtonlaw.com and get your credit fixed up. Make sure you have a solid business plan and can clearly vocalize Use of Funds.

Then cross your fingers! Small banks are much better to go to.

jigg · 10-17-2012, 02:50 PM

think it depends on the SBA loan type you're seeking. Also on the issuing bank they each have their own lending standards

LucyVanAngel · Yesterday, 12:43 PM

I’ve seen friends run into a lot of red tape with SBA loans, especially if their credit scores aren't perfect or if they haven’t been profitable for years already. Even with a 650-700 score, most banks get picky or just ask for more paperwork and collateral than is worth it. A couple people I know tried for SBA 7(a) loans and waited months with no luck, even though their businesses were healthy.

If you’re in California and want to skip the drama, there are actually programs for Small Business Funding in California that don’t fixate on credit scores, and I’ve heard they can fund you super fast. Just depends if you’d rather go traditional or try a revenue-based setup.

09-05-2012, 08:09 PM	#1
tibberous Registered User Join Date: Jul 2007 Posts: 21	US Members: possible to get SBA funding? I've heard that getting loans through the SBA can be a huge pain in the ass. Still, would it be possible for someone with a 650-700 credit score, business ownership history and several years of employment to get a loan to buy a business? Does anyone know anything about it? Not the shit on the SBA website, but actual, first-hand experience?

09-29-2012, 07:56 PM	#2
tubescribe Confirmed User Industry Role: Join Date: Jul 2011 Location: San Diego, CA Posts: 164	Your credit score will hold you back. SBA needs 3 years of business existence, profitability (or assets to collateralize against) and a 745+ score. Try this service http://lexingtonlaw.com and get your credit fixed up. Make sure you have a solid business plan and can clearly vocalize Use of Funds. Then cross your fingers! Small banks are much better to go to. __________________ Skype: nickyfiorentino

10-17-2012, 02:50 PM	#3
jigg Confirmed User Join Date: Feb 2002 Posts: 2,527	think it depends on the SBA loan type you're seeking. Also on the issuing bank they each have their own lending standards __________________ ...... eight,eight,two,eight,eight,four,two ......

Yesterday, 12:43 PM	#4
LucyVanAngel Confirmed User Join Date: Mar 2009 Posts: 312	I’ve seen friends run into a lot of red tape with SBA loans, especially if their credit scores aren't perfect or if they haven’t been profitable for years already. Even with a 650-700 score, most banks get picky or just ask for more paperwork and collateral than is worth it. A couple people I know tried for SBA 7(a) loans and waited months with no luck, even though their businesses were healthy. If you’re in California and want to skip the drama, there are actually programs for Small Business Funding in California that don’t fixate on credit scores, and I’ve heard they can fund you super fast. Just depends if you’d rather go traditional or try a revenue-based setup.