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SBA Loans for Startups: 5 Funding Options and Requirements 

Merchant Maverick
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29 окт 2024

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Комментарии : 296   
@MerchantMaverick
@MerchantMaverick 4 года назад
Which SBA financing option would you pick and why?
@mash3654
@mash3654 4 года назад
Hi. Thanks so much for your videos. Can you facilitate a training for a community group on Zoom.?
@MerchantMaverick
@MerchantMaverick 4 года назад
@@mash3654 Hi, Sharf! Thank you for visiting our channel. We do not provide consultative services, but we encourage you to visit the resources we've created and linked in the description. Best of luck to you! 😊
@A619D
@A619D 3 года назад
How long do you have to be in business to qualify for a loan?
@MerchantMaverick
@MerchantMaverick 3 года назад
@@A619D Hi, Freddie! The types of SBA loans featured in this video may be available to brand new businesses. They look at things like your personal credit to determine creditworthiness. This post will give you more details: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup Best of luck! :)
@shuntaejones7298
@shuntaejones7298 3 года назад
Yea
@thetruth6665
@thetruth6665 4 года назад
You make it sound so easy it’s a lot more complex than you need to explain that to people in your video your credit score Hass to be 680 from Experian that is the first thing that the SBA looks at
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, and thanks for visiting our channel! You are correct, this overview video serves as an introductory to the types of loans. The full post that this video was adapted from discusses credit card scores and a lot more you'll need to know! Best of luck and we hope this helps to clarify more about the SBA loans. www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup
@REDMAPLETV23
@REDMAPLETV23 4 года назад
They don’t look at transition or the other?
@MerchantMaverick
@MerchantMaverick 4 года назад
@@REDMAPLETV23 Hi and thanks for your question, but we need a little more information. Can you clarify what you mean by transition?
@REDMAPLETV23
@REDMAPLETV23 4 года назад
@@MerchantMaverick it was meant to say transunion or equifax?
@MerchantMaverick
@MerchantMaverick 4 года назад
@@REDMAPLETV23 Most free credit score services get their data from VantageScore. However, many creditors will look at your FICO score. If a potential lender pulls your TransUnion FICO score, for example, they will get a different number than what you see from your free credit score service. We have a post that explains this a bit more: The Best Free Credit Score Sites www.merchantmaverick.com/free-credit-score-services/ We hope this helps and best of luck!
@thomasray5734
@thomasray5734 4 года назад
Wow! Thank you so much for this video.I couldn't be more grateful to you and the agent who helped throughout the process. Just got mine after trying severally! keep up the good work
@MerchantMaverick
@MerchantMaverick 4 года назад
We're so happy to hear that you were able to get the funding you needed, Thomas!
@thehealinggarden7850
@thehealinggarden7850 3 года назад
Which did you use?How much did you get?How long did it take form the application to getting the actual funds?
@realityrealestate5755
@realityrealestate5755 4 года назад
I don't know about the express loan, but the 7(a) program you have to come up with 25% of the borrowed amount. How come she cannot mention that?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi and thanks for visiting our channel. You are correct, like other lenders, SBA intermediaries will require a down payment that is sufficient to mitigate risk. Intermediary lenders typically require a down payment of 10% to 20% for 7(a) loans. The down payment amount is based on the borrower’s credit history, the amount of the loan, and the amount of collateral, if any, used to secure the loan.
@GerardoDasyelMendozaCapetillo
@GerardoDasyelMendozaCapetillo 2 года назад
Thanks for the video!
@MerchantMaverick
@MerchantMaverick 2 года назад
Thanks for the support, Gerardo!
@cocohuang7194
@cocohuang7194 2 года назад
Hi! I bought an investment rental property before the Covid-19, some space is empty ,no tenant, which loan I can apply it? Thank you so much
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Coco! Unfortunately, there are no SBA loans that can be used for investment properties. There may be options if the space is at least 51% owner-occupied. But in most cases, you won't be able to secure an SBA loan for rental properties. Sorry we don't have better news! Best wishes to you.
@matthewlesko552
@matthewlesko552 2 года назад
Are you able to secure your grants application funding yet
@jamesforreal
@jamesforreal Год назад
In other words, if you're already broke, you're screwed LOL thx for the video
@nicklandreth2527
@nicklandreth2527 3 месяца назад
Awe you ruined the whole thing for me. lmao
@Ransome2501
@Ransome2501 Месяц назад
Thank you for your video. Question! What happens if you have a SBA disaster loan with your home as collateral and haven’t produced income from that business in years but have kept the equipment and made payments regularly. Can I sell the equipment if I intend to continue to pay on the loan
@MerchantMaverick
@MerchantMaverick Месяц назад
If the equipment being sold isn't collateral for the loan, you may be able to sell it. However, if the equipment is being used to secure the loan, you must get permission from the SBA before selling it. We recommend speaking directly with the SBA or consulting with an attorney to ensure that selling the equipment does not violate the terms of your loan contract. Best of luck!
@RXStreetRace
@RXStreetRace 3 года назад
I want to start a moving company which is the best place or loan programs to go with would say I need about $25-30K (materials equipment insurance box trucks etc)
@MerchantMaverick
@MerchantMaverick 3 года назад
We think you have a few options that may work out well for you. Here is the full post which gives more details on these so that you can compare your particular needs: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We hope this helps and best of luck!
@RXStreetRace
@RXStreetRace 3 года назад
@@MerchantMaverick thank you I pray I can get this business off the ground scale to 6 figures and thank you for you help and good insight 🙏🏽💰
@MerchantMaverick
@MerchantMaverick 3 года назад
@@RXStreetRace We are rooting for you!
@justusgirlsandghosts3626
@justusgirlsandghosts3626 4 года назад
Well I signed up for one because of this covid I lost so much. I tried to get a grant for $1000 and I didn’t get it because they check your credit history!! Of course it’s went down due to all this going on in the world. I think that’s not fair at all.
@MerchantMaverick
@MerchantMaverick 4 года назад
That sounds very frustrating but we're glad you found our channel! We recently made this video that addresses the credit issue. We hope that the video and/or the links in the description will lead you to a resource that will help. You do have more options! Best of luck, Stacie. 😊 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-7NxIg--W07E.html
@justusgirlsandghosts3626
@justusgirlsandghosts3626 4 года назад
I did apply and was denied and still sent a letter so they would reconsider. Not heard anything!!
@SERGE_Tech
@SERGE_Tech 3 года назад
Awesome content, did you aquire an sba loan to make this channel?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Serge! Thanks so much for stopping by! To answer your question, we did not - this RU-vid channel helps support our efforts to get the latest content from our site to more readers. Check us out! You can find more resources about SBA loans and a lot more! 😊 www.merchantmaverick.com/
@Lucky8Fam
@Lucky8Fam 3 года назад
Try NAV to get a loan
@thechickenman7957
@thechickenman7957 3 года назад
i have a nail salon for almost 2 years,do you guys help us on that??
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Chicken Man! A 7(a) or 504 covers most of the bases, but there are some smaller/express loans and lines of credit that may work for you as well. You should reach out to your local SBA branch to see what would work best for you. www.sba.gov/local-assistance/find
@thechickenman7957
@thechickenman7957 3 года назад
thank you !!!
@timothyfreeney6017
@timothyfreeney6017 2 года назад
Thanks for the energy!! Well delivered.
@tessilimimohamedseidadechi6957
Do you offer any free consultation over the phone?
@MerchantMaverick
@MerchantMaverick Год назад
Hi, there! Merchant Maverick is a review site therefore we do not offer consulting services. But we have a blog covering a wide array of small business-related topics. Check it out: www.merchantmaverick.com/blog/
@shammo2225
@shammo2225 2 года назад
What about bad credit ? There is any option for bad credit ??
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Sham Mo! You can still qualify for an SBA loan with bad credit but it's ultimately up to the lender! Check out our article discussing the best small business loans for bad credit: www.merchantmaverick.com/best-loans-bad-credit/. We hope this helps!
@timlee8317
@timlee8317 3 года назад
what is best for a restaurant?
@NessaJ777
@NessaJ777 Год назад
Is there a lot more smaller loans I’m not taking out 50,000 loan and I can’t pay it back
@MerchantMaverick
@MerchantMaverick Год назад
Hey, Nessa! If you apply for a microloan, you don't have to apply for the full $50,000. Matter of fact, according to the SBA, the average microloan is about $13,000. You can certainly opt to apply for a smaller loan amount if needed. We hope this helps! Thanks for watching. 😊
@stephena3753
@stephena3753 4 года назад
How do you apply?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Stephen! In the description we have linked some resources. The micro loan and the SBA express posts go over what they are and how to apply. We hope this helps and best of luck!
@DhatGyrl18
@DhatGyrl18 3 года назад
Which loan should we look into applying for if we’re trying to start our own trucking company with a dually truck and trailer instead of an 18 wheeler
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Ria! Check out the info on semi truck financing: www.merchantmaverick.com/semi-truck-financing/ If you're just buying a one-off, you may want to consider working with a captive lessor if you have a particular model in mind. Best of luck to you! www.merchantmaverick.com/what-is-a-captive-lessor/
@orochimaru3950
@orochimaru3950 2 года назад
Sounds like Hot Shot. Do you have self proprietorship or DBA or LLC?
@KuntryBlackBo
@KuntryBlackBo 2 года назад
Did you ever figure which one to apply for? I'm interested in the same thing
@JoseMoreno-ks9qy
@JoseMoreno-ks9qy 2 года назад
The hotshot business is an oversaturated poop market right now
@peterjohnson7632
@peterjohnson7632 3 года назад
I would like to request the SBA Express loan and application process the length we are acquired from and the lender that may do just SBA Express loan only
@christinarobles6080
@christinarobles6080 2 года назад
I have a LLC for real estate management and I’m looking to do a short term rental through Airbnb. I’ve been declined for business credit cards to be able to pay for a permit … which one would you recommend for me?
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Christina! If you only need a small amount, we'd say that a Microloan would be your best bet. You can search for an intermediary here: www.sba.gov/partners/lenders/microloan-program/list-lenders and should have a business plan prepared before you apply. Best of luck to you!
@matthewlesko552
@matthewlesko552 2 года назад
Are you able to secure your grants funding application assistance yet
@christinarobles6080
@christinarobles6080 2 года назад
@@matthewlesko552 no not yet
@matthewlesko552
@matthewlesko552 2 года назад
@@christinarobles6080 325.
@matthewlesko552
@matthewlesko552 2 года назад
@@christinarobles6080 261
@m.pulliam9675
@m.pulliam9675 4 года назад
Are you able to get more than 1 loan? I got this loan earlier this year would I be able to get another?
@MerchantMaverick
@MerchantMaverick 4 года назад
We're sorry for the late response on your question! Yes, you can apply for and receive more than one SBA loan, you just have to disclose what you have in your debt schedule. Hope this helps and best of luck!
@joannamarquez4632
@joannamarquez4632 3 года назад
Thank you for the information. Very detailed and straight to the point.
@keithbb95
@keithbb95 3 года назад
Can I apply for a loan to get a truck and trailer for hotshot driving? Pretty much transporting cars on a trailer
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Braxton! We'd always recommend the 7(a) loan, which is the most flexible option, but whether or not you qualify depends on a lot of factors, including personal credit score, time in business, revenues, etc. If you're just starting out (as opposed to, say, adding a new service to an existing business), it's going to be more difficult to qualify, but can be done provided you have a business plan and meet other qualifications. For brand new businesses, a microloan is probably easier to qualify for, although these top out at $50K (with the average loan being around $13,500), so it may not be enough to cover the equipment you need. Of course, you can always move beyond SBA loans and look into something like equipment financing through Lendio or another lender or marketplace. Best of luck to you! Lendio: www.merchantmaverick.com/reviews/lendio-review/
@ES-ch2gk
@ES-ch2gk 3 года назад
I’m looking in purchasing a semi tractor truck for a start up business. The truck cost 90,000. But the monthly payments are 1500 a month that I can’t afford. What sba loans can help out? Thank you for your content!
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Faustino! Thanks so much for stopping by and asking your question. We think that the 7(a) loan would likely be the best match, but since there is some overlap in terms of heavy equipment, you might also try the 504 loan as well. We hope this was helpful and best of luck!
@thewhitefamily2897
@thewhitefamily2897 4 года назад
I signed up for the SBA for small business loan with no luck can you help me with the 7A Loan?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi and thanks for stopping by to our channel! While we don't offer direct consultation, here is our post on how to apply. We wish you the best of luck! 😊 www.merchantmaverick.com/sba-loan-application-process/
@sbaanswerdesk5704
@sbaanswerdesk5704 3 года назад
Anyone needs help getting approved?
@rokit476
@rokit476 3 года назад
@@sbaanswerdesk5704 I need help getting approved
@iamsaygo
@iamsaygo 3 года назад
@@stephaniemelendez8171 interested
@mmmarketing5683
@mmmarketing5683 3 года назад
can we apply as new with zero cash ? if i don't have money in my bank but if i have a good business plan do u think they can lend me?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi M&M! If you don't have any money, it's best to apply for something like the SBA Microloan. The amount of these loans are much smaller than other SBA loans, but it's a good choice for borrowers that won't have enough money for a down payment on a larger loan. As with other SBA loans, you would need to meet all other criteria -- including credit score requirements -- of the lender to receive funding. Good luck! SBA Microloan Program: www.merchantmaverick.com/sba-microloans-a-comprehensive-guide-to-terms-rates-and-eligibility/
@mmmarketing5683
@mmmarketing5683 3 года назад
@@MerchantMaverick thanks for the response
@deeburchell7799
@deeburchell7799 4 года назад
How do I get start up loan for real estate investment company
@MerchantMaverick
@MerchantMaverick 4 года назад
You might want to check out an SBA Standard 7a for real estate. Read more about that one and some other options in this post: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup Best of luck, Dee!
@placidobassig287
@placidobassig287 3 года назад
Sir I applied for this then they required me to pay for fee then another fee again for sending the money. I am doubtful for that sir
@Anni_Nation
@Anni_Nation 2 года назад
Hi! Maverick am looking to start my own business shoes and clothing. which loan will you suggest I apply for? and what will make me qualify for approval?
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi MsAnita! We'd make the same recommendation for you that we made for Tiffany: For a business that hasn't started yet, we would recommend trying for a Microloan. The only issue with this is that this loan maxes out at $50,000 (with most businesses receiving a much smaller loan than that). The Community Advantage program could be beneficial if the business is going to be in a low-income area. It's easier to qualify for that than, say, the 7(a) loan, which typically requires a time in business of two years. Regardless of which option you choose, you will need to have a solid credit score and credit history, a business plan, have a registered business in the United States, and must be able to show that you were unable to obtain a loan elsewhere. Hope that helps -- Good luck!!
@matthewlesko552
@matthewlesko552 2 года назад
Are you able to secure your grants application funding assistance yet
@evasharonyandug974
@evasharonyandug974 3 года назад
Hi, is this applicable world wide? Thanks
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Eva, The SBA loan eligibility requirements state, "The business is physically located and operates in the U.S. or its territories." Though there may be some flexibility depending on the situation. You could definitely reach out to an SBA business counselor for a definitive answer. www.sba.gov/funding-programs/loans
@takeyasearles8010
@takeyasearles8010 2 года назад
Tank you for posting. How long after receiving an SBA loan does a business owner have to begin making payments? Im wondering if its anything like student loans with a 6 month grace period.
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Takeya! If it's an EIDL you are referring to, deferrals have been extended to 30 months for current borrowers. There's more info on that in this SBA press release: www.sba.gov/article/2022/mar/15/sba-administrator-guzman-announces-key-policy-change-existing-covid-economic-injury-disaster-loan If it's another SBA loan, there isn't anything specifically outlined that we have found, but these are pretty much like other business loans that borrowers start to pay back immediately. If you are considering another type of loan, we would recommend you speak with your lender to find out more about your repayment schedule. Hope that answers your question! Thanks for stopping by!
@takeyasearles8010
@takeyasearles8010 2 года назад
@@MerchantMaverick Thank you. I will look up what EIDL means and check out the SBA website. Have a great day!
@takeyasearles8010
@takeyasearles8010 2 года назад
@@MerchantMaverick yes that helped me understand better. I am new to all of this and have had an on line store for over a year. My worry was since I dont have any employees, and I will not be working after the business is in its physical location, how would I pay the loan if sales need 2 years to be up to par? So I think for my situation it would be best to find grants for minorities, women, and new businesses. I meet with the SBA in a few weeks, so I am glad I know now that a loan is not the best option for my circumstances. Maybe after I have regular sales and meet my financial targets, I can request a loan to further my business then. Thank you.
@MerchantMaverick
@MerchantMaverick 2 года назад
@@takeyasearles8010 Thanks so much for following up -- We wish you the best of luck!
@matthewlesko552
@matthewlesko552 2 года назад
@@takeyasearles8010 Are you able to secure your grants application funding assistance yet
@robertpowell2247
@robertpowell2247 3 года назад
I’m trying to start a independent dispatcher business. I need about 5 grand. Which loan would you recommend??
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Robert! Thanks so much for stopping by and trusting us with your question. We recommend checking out a micro loan. We have a full post and some more recommendations here: www.merchantmaverick.com/sba-microloans-a-comprehensive-guide-to-terms-rates-and-eligibility/ We hope this helps and best of luck on your business!
@studymotivation4.045
@studymotivation4.045 3 года назад
Is it possible to purchase a company and apply for a loan after?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Everyday Motivation! Yes, all of these options apply for early stages of a business. Here is our full post for more detailed information: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We hope this helps and thanks for stopping by to our channel!
@studymotivation4.045
@studymotivation4.045 3 года назад
@@MerchantMaverick I was wanting to purchase a small company then use the loan to build the business or is that not possible
@MerchantMaverick
@MerchantMaverick 3 года назад
@@studymotivation4.045 If you purchase a company, you can use the startup funds for a boost to help build it. We hope this helps and best of luck!
@junebreeze5620
@junebreeze5620 4 года назад
Thank U so much! Very informative!
@MerchantMaverick
@MerchantMaverick 4 года назад
You're very welcome, June! We're glad you stopped by. 😄
@SonDialer
@SonDialer 3 года назад
Whats is funky song?
@ThePatricktam
@ThePatricktam 3 года назад
Is this still good?
@MerchantMaverick
@MerchantMaverick 3 года назад
Yes, they are!
@ZachVanHarrisJR
@ZachVanHarrisJR 4 года назад
*thank you! great info!*
@MerchantMaverick
@MerchantMaverick 4 года назад
We're so happy you found this helpful, Zach!
@colorchanginchev
@colorchanginchev 4 года назад
Did yours come thru..I'm trying to get start up $
@afrikanqueens
@afrikanqueens 3 года назад
Hi, Can I apply for a loan for an investment property; and if I can, which SBA option do I use?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Afrika Queens! SBA CDC/504 Loans are best for the purchase of real estate, equipment, or other fixed assets. Most of the SBA loan programs don’t have a requirement for time in business. However, it is important to note that you will have to find an intermediary that works with startups. You can read more about this option (and others) in the linked post! Good luck!
@alexisdeniro9474
@alexisdeniro9474 4 года назад
Love from my heart
@mrmakeadeal2415
@mrmakeadeal2415 3 года назад
great energy :)
@MerchantMaverick
@MerchantMaverick 3 года назад
We're glad you stopped by! 😊
@TheAndrewRousselJourney
@TheAndrewRousselJourney 2 года назад
So these loans aren't for start ups if you have to be in business for two years?
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Andrew! Thanks for watching :) In the linked article you can find information on SBA Community Advantage Loans: www.merchantmaverick.com/sba-community-advantage-loans/. Businesses that have been operating for two years or less that have been disqualified from other loans may receive a Community Advantage loan if all requirements set by the SBA have been met. You must also be prepared to prove that you have several years of experience in the industry. A minimum of two years is generally preferred. Hope that helps! Good luck to you!
@nelsonace9703
@nelsonace9703 4 года назад
Hello. Would you guys happen to know of any Grant's for a SB that opened post lockdown ? All we find are ones that require to have been in business before February 15th 2020.. thank you
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Nelson! Thanks for stopping by and trusting us with your question. We recommend this post to see if you may qualify, and you'll find more resources linked if you need them. Best of luck! www.merchantmaverick.com/do-i-qualify-for-a-startup-grant/
@abelpardo5230
@abelpardo5230 4 года назад
0:23 why is so excited about high-interest rate?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Abel! If you listen again, you can hear her say, "without" the high-interest rate. 😊
@NodusRemedy
@NodusRemedy 3 года назад
Very helpful
@MerchantMaverick
@MerchantMaverick 3 года назад
We're so happy you found this helpful, Nodus Remedy!
@kesha8403
@kesha8403 3 года назад
hey do you have ein or have business license to apply
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Kesha! You can find the requirements in the "Gather Documents" section of the linked post: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#How_To_Get_An_SBA_Loan_For_A_Startup Hope that helps!
@dajoremarks9137
@dajoremarks9137 3 года назад
Let me ask this is there funding for DBA businesses
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Dajore! It depends on a few factors. We suggest learning more about the SBA requirements and applying if you meet them, however, keep in mind that we are not consultants, and this is not legal advice. Hope this helps and best of luck! www.merchantmaverick.com/sba-loan-requirements-what-you-need-to-know-about-qualifying-for-sba-loans/
@tinatrevino8611
@tinatrevino8611 4 года назад
Thank you beautiful great advice
@MerchantMaverick
@MerchantMaverick 4 года назад
Thanks so much for stopping by, Tina!
@jacobdupree8802
@jacobdupree8802 3 года назад
Thank you! Awesome info!
@MerchantMaverick
@MerchantMaverick 3 года назад
We are so glad to hear that you found this helpful, Jacob!
@ThePatricktam
@ThePatricktam 3 года назад
Are there any sba microloan grants?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hey again, ThePatricktam! To answer your question--No, there are no SBA Microloan grants available. You can, however, still apply for a microloan through an intermediary but this isn't a grant. You can apply for an EIDL and potentially receive a grant that way, but you will have to meet all requirements. Good luck to you!
@VivaCR
@VivaCR 4 года назад
Can you please clarify where and which article it is which provides the answer to your drumroll question? Thank you!
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Jesse! You'll find it linked in the description but since you asked so nicely, here it is again: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#SBA_Startup_Loan_Borrower_Requirements Best of luck! 😊
@Trinichick0430
@Trinichick0430 3 года назад
Would you say a standard 7a or express would be good for a startup for purchasing and running an event space?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Phoniex! We would say that the 7(a) loan is probably the better choice for you because of its higher borrowing limits and longer term lengths. Purchasing a business and covering operating costs is pretty expensive in most cases, and the $350K max provided under the Express loan program can run out pretty quickly. Here's our full post that will give you some more insight into the different types: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply We hope this helps and best of luck!
@Trinichick0430
@Trinichick0430 3 года назад
@@MerchantMaverick thank you 🙏
@MerchantMaverick
@MerchantMaverick 3 года назад
@@Trinichick0430 You're very welcome!
@xexsy_kaos
@xexsy_kaos 3 года назад
#ROCKSTAR par excellence
@MerchantMaverick
@MerchantMaverick 3 года назад
Thanks for stopping by! 😄
@Heyitskadayy
@Heyitskadayy 3 года назад
Are any of these loans forgivable?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Kadaay! You can find out more in our post: COVID Relief: You Could Get Partial Forgiveness, Increased SBA Guarantee, & More On 7(a) Loans & Microloans - We hope this helps and best of luck on your search!
@Heyitskadayy
@Heyitskadayy 3 года назад
@@MerchantMaverick thank you!!
@HungNgo-pe9wx
@HungNgo-pe9wx 4 года назад
wow, very cool !
@MerchantMaverick
@MerchantMaverick 4 года назад
Thanks for stopping by today! We're glad you liked our video. 😄
@dandelionsdreamaz
@dandelionsdreamaz 3 года назад
How would I get in contact for booking for event 🤔
@candyjay370
@candyjay370 3 года назад
I want to open a Christian spiritual store. I need help getting it started.
@MerchantMaverick
@MerchantMaverick 3 года назад
We hope one of the options listed in the video helps, Ana! We also have a post linked in the description which is a full-length article that has more details. Best wishes for your success!
@guy2127
@guy2127 3 года назад
Can is start up with you let's pray God will help us cause the government will not they're evil
@jahnelss
@jahnelss 4 года назад
So no loan for real estate huh
@MerchantMaverick
@MerchantMaverick 4 года назад
Correct, Jahnel. However, you have other options! Here is a post that covers some alternatives. We hope this helps, and best of luck! www.merchantmaverick.com/ppp-eidl-denied/
@breanataylor920
@breanataylor920 4 года назад
*Lordnikon_57 on Instagram helped me apply for my Grant and it was successful*
@jonathan7647
@jonathan7647 3 года назад
You are great
@MerchantMaverick
@MerchantMaverick 3 года назад
Thank you for the kind words and your support of our channel, Jonathan!
@michealbell4870
@michealbell4870 3 года назад
What loan should I go with I'm in the middle of paying my app I created last year. Thanks 😊
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Michael! Thanks for stopping by :) Without (lots) more info, it would be tough for us to make a recommendation for your business. BUT the good news is that we have provided tons of valuable information in this post to help you make the right decision for your business needs. Here is the link: www.merchantmaverick.com/sba-loans-for-startups-types-terms-and-how-to-apply/#Types_Of_SBA_Funding_For_Startup We wish you all the best with your app!
@dhwani2855
@dhwani2855 3 года назад
Hello. I have a question. Which loan is best suitable for me as I wish to Purchase ongoing business?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Dhwani! An SBA 7(a) loan is the most flexible option and is a good loan for acquiring an existing business. You will have to meet all requirements of the lender, including your personal credit score. Additionally, you may have to show other information, including financial statements for the business you wish to acquire, a business valuation, business plan, related experience, etc. Best wishes to you!
@dhwani2855
@dhwani2855 3 года назад
@@MerchantMaverick thanks a lot. One more thing if you can please guide would SBA express loan a good option for a purchasing business or no?
@MerchantMaverick
@MerchantMaverick 3 года назад
@@dhwani2855 Yes, if you want to shorten the time it takes to get loan approval, the Express loan could work. These max out at $350,000, though. However, if that would cover your expenses, then you could definitely go this route as well.
@carlosayestas2773
@carlosayestas2773 4 года назад
Need a small loan
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Carlos! Check out the links in our description so that you can learn more about the types of loans that may be best for you. Best of luck!
@davidjay8678
@davidjay8678 4 года назад
Can I get a idel loan and a regular 7a loan?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, David! Yes, you can still get a 7(a) loan even if you receive an EIDL loan. You'll have to disclose the EIDL in your debt schedule but you can apply and receive both.
@davidjay8678
@davidjay8678 4 года назад
@@MerchantMaverick thank you for the information.
@davidjay8678
@davidjay8678 4 года назад
Your videos are great so much knowledge
@MerchantMaverick
@MerchantMaverick 4 года назад
@@davidjay8678 You are very welcome!
@MerchantMaverick
@MerchantMaverick 4 года назад
@@davidjay8678 Thank you for the kind words and trusting us with your question and time, David!
@trinikamone9296
@trinikamone9296 3 года назад
I entered my wrong email, now I'm not going to get my email , what should I do?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Trinika! Which type of loan did you apply for your business? The next step depends on the type of loan. If you applied for an EIDL, for example, there is a dedicated phone/email channel for making corrections to an application. If it was another type of SBA loan, you would probably need to contact the lender. Let us know which type, and we will do our best to help you find the right thing to do next.
@trinikamone9296
@trinikamone9296 3 года назад
@@MerchantMaverick I was able to get it updated with them thank you
@MerchantMaverick
@MerchantMaverick 3 года назад
@@trinikamone9296 Great to hear!
@teckneic
@teckneic 3 года назад
Real estate investor are disqualified?!
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi and thanks so much for your question. Yes you are correct, real estate investment is a no-go for SBA loans. Here is a quote from the post this video was adapted from: "Startups that invest in real estate, engage in illegal operations, operate as non-profits, or specialize in loaning money are disqualified from applying for these programs." We've created a post for businesses that need to check out alternative funding ideas here: www.merchantmaverick.com/types-alternative-financing-small-business/ We hope this helps and best of luck!
@tiffanymoore3332
@tiffanymoore3332 2 года назад
Trying to buy a property to start a woman small business which would i need? 155,000$
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi Tiffany! That sounds exciting! For a business that hasn't started yet, we would recommend trying for a Microloan. The only issue with this is that this loan maxes out at $50,000 (with most businesses receiving a much smaller loan than that). The Community Advantage program could be beneficial if the business is going to be in a low-income area. It's easier to qualify for that than, say, the 7(a) loan, which typically requires a time in business of two years. Regardless of which option you choose, you will need to have a solid credit score and credit history, a business plan, have a registered business in the United States and must be able to show that you were unable to obtain a loan elsewhere.
@MOON-zo3ik
@MOON-zo3ik 3 года назад
If we get an spa loan for $5k but only need to use $2k can we return the EFT over $3k ?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi Moon! As far as we can tell from everything we've seen from the SBA, you would not be able to simply return unused funds. You may be able to use the unused funds to pay down the loan but there may be a prepayment penalty or other fees associated with it. We recommend discussing any available options with your lender. Best of luck!
@reachoutthismandanj_hacker
@reachoutthismandanj_hacker Год назад
Thank you sir 👆👆for helping me with my SBA GRANTS approval and funded it means a lot to me and my family….you are the best ever 👆👆
@bradybeckstead3636
@bradybeckstead3636 4 года назад
1:02 what is it?
@MerchantMaverick
@MerchantMaverick 4 года назад
Hi, Brady! We'd love to answer your question. Can you clarify question you have at this point in the video?
@LosoBaby
@LosoBaby 3 года назад
I Appreciate you for this information
@MerchantMaverick
@MerchantMaverick 3 года назад
We appreciate you for stopping by and leaving us a comment, Loso!
@SCOOPER486
@SCOOPER486 4 года назад
I'm in EIDL reconsideration processing that took me a long time, and no answer yet. My credit score is improved now, can i apply a new application instead of the first one?
@MerchantMaverick
@MerchantMaverick 3 года назад
Hi, Mozart! From what we understand, the reconsideration process can take some time. They will likely check your score but we recommend checking the status and verifying they don't need any more information. Here's the SBA contact form: www.sba.gov/sites/default/files/2020-09/COVID%20EIDL%20FAQ%20rev%20092120-508.pdf
@yolandaplater6444
@yolandaplater6444 3 года назад
Reapply with an EIN
@pr.alexbastos8749
@pr.alexbastos8749 4 года назад
A natureza é maravilhosa
@Juwelvlog09
@Juwelvlog09 4 года назад
I really need money urgently please help I don't what to do
@MerchantMaverick
@MerchantMaverick 4 года назад
Is your business a startup, Joel? If you take a look in the description, we have several resources that will take you through your options and what to do step by step.
@Rebirthnation11
@Rebirthnation11 4 года назад
@@MerchantMaverick What if you have bad credit? Is there help?
@MerchantMaverick
@MerchantMaverick 4 года назад
@@Rebirthnation11 Hi, Anisatu! There are some options for those who have bad credit. Check this video out, and scroll down the links in the description for a full blog post to give you even more information. Hope this helps and best of luck! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-7NxIg--W07E.html&ab_channel=MerchantMaverick
@vlogs.videotaravels6899
@vlogs.videotaravels6899 2 года назад
Gee Apu, I am a Bangladeshi. I live in Qatar now. Can I get a loan?
@matthewlesko552
@matthewlesko552 2 года назад
325
@matthewlesko552
@matthewlesko552 2 года назад
261
@matthewlesko552
@matthewlesko552 2 года назад
0490.
@matthewlesko552
@matthewlesko552 2 года назад
Just put those SBA helpline cell phone number together respectively and text SBA helpline directly for grants application funding assistance if you need help
@MerchantMaverick
@MerchantMaverick 2 года назад
Hi there! Unfortunately, SBA loans require that your business is US-based. We wish you the best of luck!
@libertyrights1291
@libertyrights1291 3 года назад
Down payments make SBA loans useless for pre-revenue start-ups. Collateral in times of economic uncertainty make it worse.
@MerchantMaverick
@MerchantMaverick 3 года назад
While the down payment can be lower than traditional loans, it can still be a huge frustration. Some businesses find that crowdfunding can help give them the boost they need. We hope this or another resource we share can help. Best of luck! www.merchantmaverick.com/equity-vs-non-equity-crowdfunding/
@libertyrights1291
@libertyrights1291 3 года назад
@@MerchantMaverick Thank you for your helpful reply. I had briefly considered some form of online funding but did not follow through. Got busy developing the business plan in preparation for the SBA funding, which gave me insight of the devices potential. I also then learned that the SBA loan was a waste of time. Your link provides extensive detail of the pros and cons of each funding method. I will review it and see which would be best. This is an R&D prototype development that will be pre-revenue for a while, then billions in sales. Can't say more about it on this type platform.
@MerchantMaverick
@MerchantMaverick 3 года назад
@@libertyrights1291 We're so glad this is helpful. You should see more links to related types of posts at the end of this one to help you on your search. Best of luck to you!
@WGPhil-uw5cs
@WGPhil-uw5cs 3 года назад
Most of the grants are just stem stuff
@markkai5377
@markkai5377 4 года назад
So cutee
@victoriatilghman628
@victoriatilghman628 3 года назад
🙏🏼🌹🙏🏼
@MerchantMaverick
@MerchantMaverick 3 года назад
We're happy to see you, Victoria!
@rogerweatherbee5827
@rogerweatherbee5827 4 года назад
1:25 So funny
@hackbyinteligence
@hackbyinteligence 2 года назад
Comparing ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HACKBYMESSIAHORG to other set of platforms providing hacking services is totally ridiculous, they have the highest success rate and they have the top reviews , they have been good in the business for years now so they’re at the top and not to be compared , I carried out several services with them that couldn’t be completed with other set of people rendering the same services. I appreciate the $171K SBA GRANTS you sent to my wallet, came here to say THANK YOU SO MUCH
@breanataylor920
@breanataylor920 4 года назад
*Lordnikon_57 on Instagram helped me apply for my Grant and it was successful*
@hackbyinteligence
@hackbyinteligence 2 года назад
Comparing ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HACKBYMESSIAHORG to other set of platforms providing hacking services is totally ridiculous, they have the highest success rate and they have the top reviews , they have been good in the business for years now so they’re at the top and not to be compared , I carried out several services with them that couldn’t be completed with other set of people rendering the same services. I appreciate the $171K SBA GRANTS you sent to my wallet, came here to say THANK YOU SO MUCH
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