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Here you will find the Top Ten Misconceptions about SBA Loans! (These are wrong)
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10. It takes 9 to 10 months to get a loan through the SBA |
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| 9. Because the SBA guarantees this loan, the lender doesn’t care if it’s a good deal | ||
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8. The SBA application is over 100 pages |
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7. You must have a house and collateral to qualify |
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6. You must have a detailed business plan written by an attorney |
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5. No bank will do this loan – I already asked |
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4. SBA loans cannot be used toward leasehold improvements, goodwill or working capital |
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3. Friends told me that the SBA would finance 100% and I wouldn't need a down payment |
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2. My credit score shouldn’t matter because this loan will be insured by the government |
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1. You must be declined by 3 banks before you can apply |
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