SBA Loan Guide
How it Works
At Gulf Coast Bank, we make it easy for businesses to apply for SBA Loans.
We are an SBA Preferred Lender, which means our loan decisions are made in-house. This saves time.
We bring years of accumulated experience and knowledge surrounding successfully starting and growing businesses.
Our specialists are ready to answer your questions and help you achieve your goals.
Below are the steps to get started.
Before you Begin
Determine what kind of loan will work best for your business.
Step 1: Contact us
Tell us about your business and needs using the form provided. One of our Loan Specialists will reach out to you for more information.
Step 2: Application
Our Gulf Coast Bank Loan Specialist will walk you through the application process in order to ensure we have all of the information we need to determine eligibility.
Step 3: Eligibility
After completing steps one and two, our Loan Specialists will determine your SBA Loan eligibility. If everything looks good, we’ll create and present you with a term sheet that clearly details your terms and conditions, and how it’ll be presented for approval.
Step 4: Approval
Upon your acceptance of the term sheet presented in Step 3, we’ll proceed with underwriting for formal approval. This process has a quick turnaround at Gulf Coast Bank, generally taking anywhere from 1-5 days, and then we submit your file to SBA for final approval to secure funding. After our internal review, loans are typically funded within 30 to 45 days.
Step 5: Funding
Once everything is completed and signed, our Loan Specialists are available to answer any questions you may have until the funds reach your account. Then you’re good to go!
An SBA loan is for you if you have:
- Acceptable past credit
- A business venture with a good chance of success
- A personal history attesting to your ability and expertise in this particular line of business
Your application will probably qualify if it is:
- The purchase or recapitalization of an existing business.
- The purchase or start-up of a recognized national franchise with a good history of profit and success including fast food restaurants, small motels and hotels and other nationally advertised franchised businesses.
Government guaranteed loans on businesses range up to $5,000,000. Some require considerable real estate as additional collateral. We also consider USDA B&I loans, (United States Department of Agriculture Business and Industry). The total amount of agency loans to one borrower must not exceed $10,000,000. Exceptions are made under certain circumstances.
Equity requirements may vary. Your equity injection (down payment) could range from 0% – 30% cash or business net worth. This could be the net worth in your business. A start-up business may require more cash equity.
Businesses may obtain an SBA loan to do the following:
- Construct, expand, or convert facilities
- Purchase buildings, equipment or material
- Obtain working capital