Feedback Form
Home Features Mastermind Videos About Advertise Blog Network Contact
   

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?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?

Sales Lessons From Starbucks And Dell

Prequalification Program



Prequalification Program
   

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 Program - To learn more about this author, visit Manage Your Business's Website.

Like this article? Share it with your friends
[Get Copyright Permissions] E-Mail | Print | More  


Related Articles Related Articles
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, disable...
Prequalification Program
  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, disable...
SBA Loans
  The SBA offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions and does not offer loans to ...
Export Working Capital
  The Export Working Capital Program (EWCP) was designed to provide short-term working capital to exporters.
Interviewing a Business Broker
  This article lists 37 questions to ask a business broker before signing an engagement letter. The answers to these questions are critical as the exclusive period will typically tie you to the firm for 12 months.

Related Forum Posts Related Forum Posts
Think like an Association Think like an Association
Setting up Revenue Sharing Program Setting up Revenue Sharing Program
Food Marketing Entrepreneur Assistance Food Marketing Entrepreneur Assistance
Re: The Secret Re: The Secret
SR & ED website SR & ED website
Man, I'm Just So Unsophistiocated Then! Man, I'm Just So Unsophistiocated Then!
Simpleology - science of getting what you want Simpleology - science of getting what you want

Related Forum Posts Related Businesses - Evan Elite Authors

The Evan Elite Authors program is currently in beta phase. For details please contact us.


 
About the Author


Manage Your Business
(Visit Manage Your's Website)
Successfully managing a business requires specific management skills in addition to knowledge of key business practices. Within this section you’ll learn about leadership traits, decision-making skills, and how to manage your employees. Additionally, we’ll walk you through a host of important topics to manage your business including: marketing basics, setting prices, filing your business taxes, legal considerations, forecasting for future growth, and financing options.
Have A Suggestion?

View Author's Blog
Mastermind Group Resources
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.
Selling to Small Business
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.
Become An Author

View Author's Video
Become An Author

Free Downloads


Manage Your Business's

Complete
List Of
SBA
Articles

First Name
Last Name
Email
 
If you enjoyed this article, get Manage Your Business's Complete List of SBA Articles For FREE!

More Manage Your Business
100 Marketing Ideas
What Is Your Management Action Style
Roundtables
Borrowing Money
Glossory Of Internet Terms
Change Management It Starts at the Top
Getting On The Web
Legal FAQs
Networking
Planning for the Future
Become An Author