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From The Desk of Wayne Jones. AMAGF News for Sep, 2011. SBA Loan Packaging
Here is an example of why you need an experienced SBA loan packager to help you get your SBA loan package right the first time.
We have a new client that started the Small Business Administration (SBA) application in September of 2010. They relied on a Community Bank to do the loan package and submit the required information to the SBA. The bank did just that. In December the SBA sent the bank a letter requesting a complete package for the loan, six items that the bank failed to provide the SBA.
The loan is a 7a, $4 million dollar loan which American Association of Government Finance (AMAGF) is now packaging the loan request the right way so the business can move forward and create the right financial health for the future. The company set out to utilize the Small Business Administration Guaranteed Loan Program. It is July 2011 and by the time the business gets the right paperwork together they have wasted one year. Don’t let that happen to your plans.
Time is money. If you do not know that then start your own business and make a payroll every two weeks. How much did it cost the business to wait another year to finance the business the right way? Don’t try and cut corners when it comes to the foundation of your business and your future, the finance.
AMAGF will guide you through the quagmire of paperwork required to fulfill your goals and we will do it the right way. We are with you every step of the way to insure that the information you need to be in compliance with the SBA requirements will be completed in a professional and comprehensive package. We provide the assistance in creating the strong foundation for your future, the financial health.
The best advice I received when starting my first business was “Don’t try to do yourself what others can do more efficiently “Don’t waste valuable time in getting your application completed. The cost for Loan Packaging for the Small Business Administration (SBA) Guaranteed Loan program is included in the SBA FEE DISCLOSURE FORM AND COMPENSATION AGREEMENT SBA FORM 159 and if the amount exceeds $2500 then the entire compensation charged must be itemized and reported to the SBA.
An Applicant is protected by working with approved SBA Lenders and Loan Packaging service providers. Everything must be fully disclosed and any false certifications can result in criminal prosecution. So make sure when you start your process you are working with experienced SBA professionals.
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American Association of Government Finance (AmAGF) specializes in SBA loan packaging & loan placement to help our members complete the process of getting the financing they need for their business. Start-ups and established businesses are eligible!