Does anyone here have any experience working with SBA loans?
I have a small rental business here in Utah U.S.A. last year’s sales $91,000.
While I do have the collateral to secure the loan, I don’t have a 10-20% down payment that could be required. Credit is ok ….630 due to high utilization of available credit (but always on time with payments)
Is the fact that we showed a loss on our first year taxes (through depreciation and start up costs) going to lessen our chances of being approved? I haven’t done this year’s yet, so I was wondering if it would be in my interest to show a profit?
What info should I know going into the application process?
Any help would be appreciated as the whole process is very overwhelming and the closest SBA counseling facility is 100 miles away.