SBA Loan Question

I'm trying to start a small veteran owned business and have some questions about obtaining an SBA loan...actually, it may be two....one for a piece of real estate and the other for inventory. I don't know where to start and haven't had any luck with local SBA folks here in TX. I thought I'd reach out to the Landy community...

Thanks.

Matt

Matt:
In one of my work lives, was a VP in an 8(a) firm and a partner with 2 retired Naval officers.
Your best place to start would be the National SBA Office in DC.
We were lucky because a high school friend of mine was the director of the state office in Richmond, VA and then ran the National Office for some time.

This was many years ago, so the rules have probably changed some.
You'll need to apply for the disabled veteran status and get it approved.
Then you'll need a business plan that shows everything from going in the red to the black, including your salary.
Once you have the status and business plan approved, then you can apply for a loan.
Like any bank, you'll need collateral.
Good looks doesn't qualify, at least it didn't for us years ago.
The process is arduous, but can be accomplished.

Rivet said:

I'm trying to start a small veteran owned business and have some questions about obtaining an SBA loan...actually, it may be two....one for a piece of real estate and the other for inventory. I don't know where to start and haven't had any luck with local SBA folks here in TX. I thought I'd reach out to the Landy community...

Thanks.

Matt

Click to expand...

I was in banking for 28yrs. My brushes with the SBA were usually attempts to get them to agree to release cross collateral liens on residential real estate so it could be refinanced. As a policy @ the time SBA put collateral and chattel liens on everything of value their borrowers owned before or bought with the SBA loan. This to insure their borrowers wouldn't/couldn't walk away if the business venture didn't work out.

Go in with both eyes open with that knowledge.