If you have everything prepped to create or expand your small business, then all you need is a friendly bank to help you with your cash flow. One of the best and most affordable ways to get the capital you need is to work with a Small Business Association (SBA) approved lender to get a low-interest SBA loan. These loans are available to small businesses at low interest rates to help spur job creation and investments in the local economy, so take advantage if you’re able.
But how do you go about determining an SBA lender to trust?
Narrowing Down The List
Once you find a bank or a number of banks you’re interested, you can narrow down the list a bit by checking if they are part of the SBA’s Preferred Lender Program, which Sentry Bank is. The PLP is a designation by the SBA showing the bank is proficient in helping small businesses obtain SBA loans and does so above a set volume, so you can trust they really know what they’re doing.
Now it’s time to start working through the application process. Each bank will be able to offer slightly different advantages to the SBA loan you’re applying for, but only PLP participants will be able to streamline the process and make your application process smooth. You can be prepared for the application process before you meet with your lender by gathering your personal and business financial statements, tax returns, collateral documents, articles of incorporation (if an existing business), resume and business plan (if starting a business.)
To apply for SBA loans at Sentry Bank, you’ll need to speak with a commercial lender, like our own Doug Danielson, Mike Grogan and Ryan Holthaus.
Best of luck!