SBA loans offer many companies a chance to grow but can be hard to obtain. Credit rehabilitation guru Tyler Keith Andrews is going to share some tips for improving your approval chances.
The Small Business Administration, or SBA for short, supplies loans to many small businesses in the United States. The SBA has helped many companies scale up and find success through a variety of programs. That said, getting an SBA loan can be a bit tricky. Fortunately, finance expert Tyler Keith Andrews is going to offer some sage insights.
“Getting an SBA loan can be difficult,” Tyler Keith Andrews notes, “but there are steps you can take to improve your chances. First, you need to understand your company’s finances, credit scores, market position, and all the rest.”
The SBA offers programs for businesses and owners with lower than optimal credit scores. Still, a high credit score often makes it easier to both qualify for and obtain a business loan. It’s also important to remember that the SBA frequently partners with banks to offer loans, and these banks may have the final say on whether you get a loan or not.
“When it comes to loans, risk is very important,” Tyler Keith Andrews argues. “Banks and other lenders want to lend to low-risk companies and people. A high credit score suggests you’re lower risk and have a good grasp on your finances. You can boost your credit score by paying down your current debts, increasing revenues, disputing negative marks on your credit score, and through other methods.”
It’s especially difficult for startups with little to no revenue to get an SBA loan. Startups are inherently high risk and banks often won’t approve applications for businesses unless the business in question is already producing substantial revenues.
Building up your finances in order will help when it comes to applying for a loan. If possible, it’s smart to expand operations and to increase revenues before you apply for SBA loans. Holding off your application for a few months while you grow your business may be a wise idea.
Tyler Keith Andrews Discusses How Finance Experts Can Help With SBA Loans
Applying for an SBA loan is difficult even for established businesses with healthy finances. Professional help from a finance and credit expert is often needed.
A finance expert can help businesses in a myriad of ways. If a business or owner has a low credit score, there may be ways to boost your score quickly before you apply for a loan. Likewise, the loan application process is complex, requires a lot of paperwork, and there may be important deadlines and milestones you have to keep an eye on.
“When I work with small businesses and owners to improve their credit and chances of securing a loan, it’s all about the client, not me,” Tyler Keith Andrews points out. “I work to understand their situation and then how to improve their situation, so they can get a loan. Once they’re in a good position we can move on to the loan process itself, where I leverage my expert knowledge to increase their chances of getting approved.”
Many business owners are already working long hours to build their company. They often simply lack the time needed to become an expert on the loan process. That’s where professionals like Tyler Andrews come in.