Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

Prequalification Programs

Prequalification Programs

Prequalification Programs

The Prequalification Loan program uses intermediary organizations to assist prospective borrowers in developing viable loan application packages and securing loans. This program targets low income borrowers, disabled business owners, new and emerging businesses, veterans, exporters, rural and specialized industries.

The job of the intermediary is to work with the applicant to make sure the business plan is complete and that the application is both eligible and has credit merit. If the intermediary is satisfied that the application has a chance for approval, it will send it to the SBA for processing. To find out whether there is a pre-qualification intermediary operating in your area, contact your local SBA office. Note: Small Business Development Centers serving as intermediaries do not charge a fee for loan packaging. For-profit organizations will charge a fee.

Once the loan package is assembled, it is submitted to the SBA for expedited consideration. SBA conducts a thorough analysis of the case, using the same time frame and degree of analysis that it uses when processing requests under the regular method of delivery process.

If SBA decides the application is eligible and has sufficient credit merit to warrant approval, it will issue a commitment letter on behalf of the applicant. The commitment letter or pre-qualification letter, indicates SBA's willingness to guaranty a loan made by a lender under certain terms and conditions. The intermediary then helps the borrower locate a lender offering the most competitive rates. The applicant then takes the letter and its application documents to a lender for a decision.

Policies Specific to the Prequalification Program

The maximum loan amount for this pilot program is $250,000. Interest Rates, Maturities, Collateral policy, and Guaranty percentages all follow the standard 7(a) loan program.





Prequalification Programs - To learn more about this author, visit Start Your Business's Website.

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Casey Gollan
Casey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website


To learn more about the Evan Elite Author Program please contact us.

About The Author


Start Your Business
(Visit Start Your's Website) Starting a business requires you to complete a number of steps and make some key decisions. Though part of your overall plan, you’ll need to select a location, decide on a business structure, and obtain the necessary licenses and permits. In addition, determining which financing options will meet your short-term needs and long-term goals is crucial. Within this section, we’ll provide information on these topics along with guidance on buying an existing business, copyright and trademark issues, and getting support from an outside expert.

Start Your Business is a Platinum author on EvanCarmichael.com
About The Author

Selling to Small Business - Strategies to help you sell to small business entrepreneurs. The purpose of this blog is to outline strategies companies can take to effectively target small business owners.
View Author Blog
Mastermind Group Resources - Strategies to get the most from your Mastermind Group. The purpose of this blog is to share resources, tips, strategies, and ideas on how to build a Mastermind Group and make it more effective.
Mastermind Group Resources
Selling to Small Business
View Author Blog

View Author Video
View Author Video

Free Downloads


Start Your Business's

Complete
List Of
SBA
Articles

Name
Email
Author's Free Downloads
Strategic Planning Guide Icon Strategic Planning Guide
Venture Capital Guide Icon Venture Capital Guide
How To Get Media Attention Icon How To Get Media Attention
Small Business Financing Icon Small Business Financing
Why New Businesses Fail Icon Why New Businesses Fail
Entrepreneur Flight Manual Icon Entrepreneur Flight Manual
Why Banks Say No eguide Icon Why Banks Say No eguide

More Start Your Business
How to Prepare a Loan Package
Franchising Strategy
Basic Requirements
Shopping at a Franchise Exposition
Commercial Leasing
Fair Credit Reporting
Special Structures
Lease Equipment
Forms of Ownership
The Benefits and Responsibilities of Franchise Ownership
Free Downloads


 
 
 


Evan Elite Authors
George Ludwig  
Cheryl Matthynssens  
Linda Richardson  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Business and Income Icon Business and Income
Powerful Living Icon Powerful Living
High Quality Sales Leads Icon High Quality Sales Leads
Auditory, visual preference? Icon Auditory, visual preference?
The $1000 Show Icon The $1000 Show
Free Downloads - Complete List

Entrepreneur Tools and Guides
Top 50 Franchising Blogs
Top 50 Franchising Blogs
Top 50 Franchising Blogs
 
Top 50 SEO Posts of the Year
Top 50 SEO Posts - 2007
Top SEO Posts of the Year
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Joana Eshun Cape Coast, Ghana,
Joana Eshun
Cape Coast, Ghana
SEO For Africa

If I Were A Startup...
Lisa Shepherd, $335k to $1.1 Mil in 2 years
Lisa Shepherd
$335k to $1.1 Mil in 2 years
Jonathan Voigt, $214k to $507k in 2 years
Jonathan Voigt
$214k to $507k in 2 years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Magic Johnson, Johnson Development Corp.
Magic Johnson
Johnson Development Corp.
Jenny Craig, Jenny Craig
Jenny Craig
Jenny Craig
Famous Entrepreneurs - Complete List

Entrepreneur Advice
David Allen, Getting Things Done
David Allen
Getting Things Done
Jay Conrad Levinson, Guerilla Marketing
Jay Conrad Levinson
Guerilla Marketing
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Leadership Coaching Overview
By Michael Schutzler
     Courage in the face of fear
By Michael Schutzler
     Empirical Skepticism
By Michael Schutzler

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information