Hello it’s Ty Crandall and in this short video we’re going to talk a little bit more about government small business loans and their qualifications so SBA loans have much more stringent approval requirements because the lender and SBA both will evaluate all aspects of your business and the business owner for actual approval so to get approved all aspect of the business and the business owner personal finances must be really near perfect to actually secure the loan so to get approved for conventional loans you have to have excellent personal credit with no derogatory reported items, we’ve even seen clients denied with one negative item that’s almost 7 years old and 780 credit scores, so you really have to have a very clean credit profile, SBA even says on their website the any kind of the accurate or blemishes they actually is our exact word they use need to be cleaned up before you apply. Excellent bank credit so you need to really be having height balances in your bank account about $10,000 or more that will give you a low five bank rating and you need to have about 5 bank rating to have any chance of really securing a conventional SBA type of loan, you also need to have excellent business credit scores so 7075 80 Paydex which basically need you pay your bills on time every month is really necessary, and also you’ll going to have to have excellent financials that show good net profits increasing from year to year, they need to see your business is growing, you’ll need to show you manage that cash flow good for your business and personal bank statement, and you’ll need substantial collateral to offset what you’re borrowing, sometime they ask first much as 100% collateral value of whatever it is you actually borrowing, so other items you going to need for approval include your profit loss statement this must be current within 90 days of your application, you also need supplementary schedules from the last 3 fiscal years, you also going to need current and projected financial statements. Okay this include your current detailed one year one year projections of income and finances and you also going to want attach a written explanation as what you expect to achieve with this actual projections that you’re buying out there. Okay and you going to need business certificates licenses, you also going to need to put your loan application history on the actual application for the bank um and important you going to need income tax returns you going to need personal and business tax returns typically for 3 years, so these kind of government loans really don’t work unless you’ve got longevity in business, and you’re going to need resumes you’re going to have to include a resume, a personal resume for each principal on that’s actually involved with the borrowing. So again this is a really short video that talks to a little bit about government small business loan qualifications, you can go to SBA’s website or even type into Google qualifying for SBA loan to see a full check list, you can also subscribe to our YouTube channel were we have even more details including videos that walkthrough the exact process of getting approved for government loans, we mapped out all of the qualifications all the things you need to know the actual steps should need to take to qualify get approved and on our YouTube channel we also have a lot of all alternative business financing information that will teach you how to get business loans credit cards, credit lines without needing all this stuff that are much much easier to qualify where you can get approved with even one strength without all the documentation and be able to secure your actual loan within a few days or less, so make sure you like this video make sure you subscribe to our channel this video was intentionally a very short video giving you a glimpse in the qualifying for government loans but again there’s thirty to hour minute long sessions where we dive in much much much deeper on our channel, so make sure you like this video make sure you subscribe and I’ll see you on the next video. Again this is Ty Crandall thanks for taking the time to check this video on qualifying for government small business loans.