In this episode, I do a deep dive into the SBA pre-approval process, specifically covering the topic of term sheets.

 - Immediate term sheets vs. credit-approved term sheets

SBA Pre-Approval Checklist:

Personal (anyone who owns 20%+)

• Personal Financial Statement
• 3 years Personal Tax Returns 
• Personal Credit Score
• Resume

Business

• 3 years Business Tax Returns 
• Interim Financials (P&L Statement and Balance Sheet - no more than 90 days old)
• Business Debt Schedule (if applicable)

Transaction

• Project Cost Breakdown
• LOI / Purchase Agreement (if applicable) 

 

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