Comerica is a National SBA Preferred Lender. Our SBA Loan Guide provides the details you need to make the right choices for your business.
SBA Loan Qualification Guidelines: Nearly 90% of all businesses are eligible for an SBA loan program
More funding for high-risk businesses.
Some businesses are considered a higher risk than others. The SBA levels the playing field for owners of these businesses, and makes it possible for them to get the funding they need to grow and prosper. If your business falls into a higher-risk category, the SBA lending program may make it possible to get financing that might otherwise be unavailable to you.
More funding for non-conventional assets.
SBA lending recognizes a broader range of assets, including non-conventional assets that would otherwise not qualify for collateralization. With SBA, you can get the funding for the parts of your business from which you know how to profit.
In general, to qualify for an SBA Loan, a business must be
SBA loans are available for
Loan Uses and Term
SBA loans are meant to finance the growth or creation of business and fall into four broad categories
Financial benefits of SBA Loans
The SBA permits loans with unique financial benefits.
Credit considerations
The SBA simply makes it easier to get the loan you want. The general qualification standards for SBA lending are less stringent than many other types of loans, but the same issues are considered
Loan fees
Getting an SBA loan is, for the most part, like getting any other loan. There are, however, a few special costs unique to SBA loans. Fortunately, they are nearly 100% financeable in the package, along with other customary fees that would be out-of-pocket for any other type of loan.
The application process
There are five basic steps to getting an SBA loan. Except for one step the bank takes for SBA approval, the process is identical to that of any other business loan. In some cases, it may actually be simpler. At Comerica the steps are
1. The Initial Interview
At some point, you decide that your business needs a loan and you call the Comerica SBA lending office. To learn more about how Comerica can help grow your business contact one of our SBA loan officers.
Within one business day a Comerica SBA lending officer is assigned to your business and contacts you by phone. The officer assigned to your loan is chosen for his or her experience in your type of business.
Few banks have the experience and knowledge needed to make an evaluation. It's a key step, saving time and effort that could be lost with someone less experienced in SBA procedures and regulations.
2. Information Collection
Once Comerica's SBA lending officer has made an initial evaluation of your business circumstances, the information collection process begins. There are two parts to this process:
This is where the "salesmanship" of the Comerica SBA loan officer can help get the funds you are seeking. An experienced officer will take the time to:
3. SBA Loan Packaging and Submission
This is the one step unique to the SBA approval process. Once Comerica collects the information needed for internal bank approval, your loan is "packaged" and submitted for SBA approval. In many cases Comerica is empowered to pre-approve your loan on behalf of the SBA.
4. Closing the Loan
Depending on the type of loan you choose, the closing may be as simple as a visit to the bank for routine paper signing or may involve a little more work, such as a title-company closing for a real estate loan.
National SBA Preferred Lender