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What questions does a bank ask when applying for an SBA loan?

All banks are different, but typically, the following information will be required to get a pre-approval for an SBA loan:

  • Previous 3 years' tax returns
  • Business income statement and balance sheet
  • W-2s for guarantor(s) and spouse(s)
  • Recent bank/broker statements evidencing enough cash for a 10% down payment

Additionally, banks typically want to know the answers to the following questions:

  • Personal monthly mortgage payment
  • Personal monthly mortgage payment for vacation/rental homes
  • Personal home equity line of credit limits for all properties
  • Personal outstanding credit card balances
  • Business vehicle, equipment, or any other term loan payments

You should also be prepared to answer questions about your current locations, including:

  • Square footage
  • Lease term

The bank will also want to know if you have ever declared bankruptcy, if you have ever been convicted of a felony, or have any pending lawsuits.

If you have any questions on purchasing a building or the financing process, fill out the form below to connect with a specialist.

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