The SBA is providing Disaster Loans to assist small businesses from economic injury relevant to the Coronavirus. The opportunity enables a low-interest, long-term loan to small businesses, agricultural cooperatives, and almost all private non-profit organizations to allow ongoing financial obligations and operating expenses had the disaster not transpired. This provides the essential working capital to enable the survival of small businesses until returning to normal operations.
Allow BAM Consulting to assist you through the process of applying.
Depending on the type of business - you can request up to $2 million to offset your economic injury.
Extraordinary Economic Injury signifies that a business is incapable of meeting its obligations and funding the ordinary day-to-day operational expenses.
Your credit is reviewed by the SBA - before reviewing and analysing the described losses.
The loan officer will determine your level of eligibility to enter into the program.
The loan officer and BAM Consulting will work with you to ensure all necessary information to determine loan approval during a three week period.
The designated loan office and BAM Consulting will interact with you to discuss the loan recommendations before moving onto the next step.
You will receive a letter referencing of all the loan decisions.
BAM Consulting and our selected Resource Partners will prepare and send your loan closing documents to you for your signature.
Once the agency accepts the signed loan closing documentation, you can expect the disbursement in five-days.
Keep in mind, loan adjustments may change or required adjustments after closing or if the continuation of the disaster.
There are a few documents required to process the application and reach the loan decision. BAM Consulting and the Loan Officer collectively with the Case Manager will assist throughout the process to ensure deadlines and specific outcomes.
Copy of your Credit Report displaying three credit scores from the primary agencies and include any owner with 20% ownership or more.
Your financial statement to include all business owners of 20% or more.
Personal and business federal tax returns representing the past three years of each owner with 20% of ownerships or more.
Both income statements and balance sheet year-to-date is required collectively with business assets and liabilities.
Must provide monthly sales figures illustrating 3-years prior to the described disaster and include the most recent month.
A written explanation of the amount required and the relevance of utilization, while describing the loss.
SBA Loan Application
The requirement of the IRS Form 8821 / 4506-T to reflect each owner with 20% of ownership or more.
Call today (1-877-226-4332) to find out the interest rate and the longevity of the loan terms or request a meeting - email us.