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How Does myFICO Scores affect getting a SBA (Small Business LOAN)

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How Does myFICO Scores affect getting a SBA (Small Business LOAN)

I am interested in getting a Small Business Loan with the Small Business Administration. I would like to know if anyone knows whether the FICO scores will effect this process? I guess I could contact the SBA, but I am flooded down with school work, cleaning house, and working. Some please help me with this question.
Message 1 of 5
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Moderator Emeritus

Re: How Does myFICO Scores affect getting a SBA (Small Business LOAN)

I have no idea maybe someone else does.
Message 2 of 5
Moderator Emeritus

Re: How Does myFICO Scores affect getting a SBA (Small Business LOAN)

Short answer is yes. However, commercial lenders/business bankers are interested in other things besides FICO scores.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Message 3 of 5
Contributor

Re: How Does myFICO Scores affect getting a SBA (Small Business LOAN)

What else do business lenders look at? Do they wnt to see a great deal of assets? Or a business plan? etc?   I am looking to open a busines sin the coming months as well, and have a good amount of reserve money...
 
 
I am shooting for 700 within the next year.
as of 2/20/2008
TU: 623, EXP: 553, EQ: 552
Message 4 of 5
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Moderator Emeritus

Re: How Does myFICO Scores affect getting a SBA (Small Business LOAN)

acissej, you are in the right frame of mind here. You mentioned ONE thing that a Comm. Lender loves to hear:

"...have a good amount of reserve money..."

A lender wants to know that you have some skin in the game. No lender wants to be the only one in the transaction taking risk. Get a good, realistic business plan that includes an opening bal. sheet and a proforma (at least three years). A PFS and probably T/Rs as well as collateral is also necessary in most instances.

Check out this site. It's just one of many. Let google be your friend.

http://www.sba.gov/
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Message 5 of 5