Checklist · SBA Loans
SBA Loans fundraising checklist — Step by Step 2026
Securing SBA loans can be a game-changer for startups. This checklist provides a structured approach to navigate the SBA loan process effectively, helping you overcome integration, scale, adoption, cost, and support challenges.
Phase 01
Eligibility Assessment
- 1.1critical2 days
Determine SBA Loan Eligibility
Verify that your business meets the SBA's size standards and other eligibility criteria.
- 1.2high1 day
Assess Creditworthiness
Review your personal and business credit scores to identify any potential issues.
- 1.3medium1 day
Calculate Debt Service Coverage Ratio (DSCR)
Calculate your DSCR to ensure you can comfortably repay the loan.
- 1.4high3 days
Prepare Business Financial Statements
Gather your business's profit and loss statements, balance sheets, and cash flow statements.
- 1.5medium2 days
Identify Collateral
Determine what assets you can use as collateral to secure the loan.
- 1.6medium2 days
Review SBA Loan Types
Research the different types of SBA loans available (7(a), 504, Microloans) to determine the best fit for your needs.
- 1.7critical1 day
Check for Disqualifying Factors
Ensure your business doesn't have any disqualifying factors, such as being engaged in illegal activities.
- 1.8low2 days
Consult with a Financial Advisor
Seek advice from a financial advisor to assess your loan readiness.
- 1.9low1 day
Use online SBA loan eligibility tools
Utilize online tools to get a preliminary assessment of your eligibility.
- 1.10medium1 day
Document Eligibility Findings
Keep a record of your eligibility assessment results for future reference.
Phase 02
Business Plan Development
- 2.1critical3 days
Executive Summary
Write a concise overview of your business, its mission, and its goals.
- 2.2high2 days
Company Description
Provide detailed information about your business, including its history, structure, and products/services.
- 2.3high5 days
Market Analysis
Research your target market, including its size, trends, and competitive landscape. Use tools like Statista.
- 2.4medium3 days
Organization and Management
Describe your company's organizational structure and the management team's expertise.
- 2.5high2 days
Service or Product Line
Detail the products or services you offer, highlighting their unique selling points.
- 2.6high4 days
Marketing and Sales Strategy
Outline your plans for marketing and selling your products/services, including pricing and distribution strategies.
- 2.7critical1 day
Funding Request
Clearly state the amount of funding you need and how you plan to use it.
- 2.8critical7 days
Financial Projections
Provide detailed financial forecasts, including projected income statements, balance sheets, and cash flow statements (use tools like LivePlan).
- 2.9low2 days
Appendix
Include any supporting documents, such as resumes, permits, and letters of intent.
- 2.10medium2 days
Review and Revise
Thoroughly review your business plan for accuracy and clarity.
Phase 03
Loan Application Preparation
- 3.1critical5 days
Gather Required Documents
Collect all necessary documents, including personal and business tax returns, bank statements, and legal documents.
- 3.2high3 days
Complete SBA Loan Application Form
Fill out the appropriate SBA loan application form accurately and completely.
- 3.3high1 day
Prepare a Use of Funds Statement
Clearly explain how you plan to use the loan proceeds.
- 3.4high2 days
Submit Personal Financial Statement
Provide a detailed personal financial statement, including assets, liabilities, and net worth.
- 3.5medium1 day
Include Business Credit Report
Obtain a business credit report from Experian, Equifax, or TransUnion and include it with your application.
- 3.6medium1 day
Write a Cover Letter
Draft a cover letter introducing your business and outlining your loan request.
- 3.7low7 days
Obtain Appraisal (if required)
If your loan involves real estate, obtain a professional appraisal.
- 3.8critical1 day
Review Application for Accuracy
Thoroughly review your application and supporting documents for any errors or omissions.
- 3.9medium1 day
Organize Application Package
Assemble all application materials in a neat and organized package.
- 3.10low1 day
Make Copies
Make copies of your complete application package for your records.
Phase 04
Lender Selection and Submission
- 4.1high3 days
Research SBA-Approved Lenders
Identify lenders in your area that are approved to offer SBA loans. Use the SBA Lender Match tool.
- 4.2critical2 days
Compare Lender Terms and Rates
Compare interest rates, fees, and loan terms offered by different lenders.
- 4.3medium3 days
Pre-Qualify with Lenders
Seek pre-qualification from multiple lenders to gauge your chances of approval.
- 4.4critical1 day
Choose the Right Lender
Select the lender that offers the best terms and is most likely to approve your loan.
- 4.5high1 day
Submit Loan Application
Submit your complete loan application package to the chosen lender.
- 4.6mediumOngoing
Follow Up with Lender
Regularly follow up with the lender to check on the status of your application.
- 4.7highAs needed
Address Lender Inquiries
Promptly respond to any questions or requests for additional information from the lender.
- 4.8low2 days
Consider Community Advantage Loan Program
Explore the Community Advantage Loan Program for loans to small businesses in underserved communities.
- 4.9lowOngoing
Network with local SBA offices
Attend events and connect with local SBA representatives for guidance.
- 4.10mediumOngoing
Document Communication
Keep a record of all communication with lenders.
Phase 05
Loan Approval and Closing
- 5.1critical2 days
Review Loan Approval Terms
Carefully review the terms and conditions of the loan approval.
- 5.2medium2 days
Negotiate Loan Terms (if possible)
Attempt to negotiate more favorable loan terms if possible.
- 5.3high3 days
Obtain Legal Counsel
Consult with an attorney to review the loan documents and ensure you understand your obligations.
- 5.4highAs needed
Satisfy Loan Conditions
Fulfill any conditions required by the lender, such as providing additional documentation or securing insurance.
- 5.5high1 day
Schedule Loan Closing
Arrange a date and time for the loan closing with the lender.
- 5.6critical1 day
Attend Loan Closing
Attend the loan closing and sign all necessary documents.
- 5.7critical1 day
Receive Loan Funds
Ensure that the loan funds are properly disbursed to your business account.
- 5.8mediumOngoing
Monitor Loan Compliance
Regularly monitor your business's financial performance to ensure you are meeting the loan covenants.
- 5.9high1 day
Set up Repayment Schedule
Establish a system for making timely loan payments.
- 5.10mediumOngoing
Maintain Communication with Lender
Maintain open communication with the lender throughout the loan term.
Pro tips
- Focus on building a strong relationship with your lender. Clear communication can smooth the application process.
- Leverage online tools like the SBA Lender Match to find suitable lenders quickly.
- Ensure your business plan clearly articulates your growth strategy and how the loan will contribute.
- Address potential concerns about integration, scale, adoption, cost, and support proactively in your application.
- Consult with experienced SBA loan advisors for personalized guidance.