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Yukon National Bank Can Help You Get your SBA Loan
By David Goodwin
YNB Executive Vice President
Yukon National Bank is able to offer its customers loans guaranteed by the Small Business Administration ("SBA"). The Small Business Administration is a U.S. government agency established to assist and promote small business owners. The most common means by which they do this is to act as a guarantor for qualified borrowers. A SBA guaranty can help the borrower in a number of ways, such as obtaining longer payment terms on their loans.
Not every small business loan the Bank will make will be eligible for or need a SBA guaranty. However, for those customers who meet the standards of the Bank and the SBA, it may be the best way to finance their business needs. If you have questions about a small business loan or SBA loans, Call David Goodwin to see if your needs and a SBA guaranty are a good match. Here are some commonly asked questions about SBA Loans.
1. Who or what is the SBA?
"SBA" is an abbreviation for the U.S. Small Business Administration. This is a federal agency formed to aid, counsel, and support the interests of the nation's small business owners.
2. How does it help small businesses?
It does so in a number of ways. The most widely known program is the SBA's 7(a) loan program. Through this program the SBA acts as a guarantor on loans that banks make to small business concerns. Other ways it helps small businesses include counseling services, government contracting guidance, and business information resources.
3. Does Yukon National Bank offer Small Business Loans?
YNB offers small business loans with or without SBA assistance. Our primary interest is fitting the right loan program with the needs of the customer. We will suggest a guaranty from the SBA if a particular situation warrants it. If the customer specifically requests a loan guaranteed by the government, we will work with them to obtain the guaranty if the loan request meets the Bank's own standards. The SBA is an outstanding resource, but not every customer fits its programs.
4. How do I learn more about the SBA loan program?
There are a number of resources available. You can call David Goodwin at Yukon National Bank if you have specific questions about your needs. The SBA has an extensive website at www.sba.gov
Canadian Valley Technology Center in El Reno (262-2629) is also involved in the SBA pre-approval program. Go to their website here: www.cvtech.org.
5. What is the pre-approval program?
This program allows a small business owner to put together a business plan and certain financial data. That data is then submitted directly to the SBA. The SBA either declines the application or issues a letter stating that it will guarantee part of the loan requested, once certain conditions are met. The applicant can then take that letter to a lender (like YNB!) to apply for the loan with a SBA guaranty in hand.
6. What information do I need to have available to apply for a small business loan?
A basic business loan application includes the following information, but please call before gathering it all up. We may be able to suggest alternatives that would save you some time!
a). Past 3 years worth of federal tax returns on the business and its owner(s).
b). Past 3 years balance sheets and income statements on the business.
c). A current personal financial statement on each business owner.
d). A proposal of the amount to be borrowed and how the money is to be used.
e). A description and estimated value of items to be offered for collateral.
The bank will then ask for other information specific to your situation. We hope we can help you with your plans and do business with you.
e-mail me at: Dgoodwin@ynbok.com or call 354-5281
- David Goodwin
Copyright 2004 Yukon National Bank ~
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