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At Fidelity Bank, our Small Business Administration (SBA) loans are designed to provide the flexible financing solutions you need to grow and thrive. As an SBA Preferred Lender specializing in providing SBA loans, our dedicated team is committed to helping your business reach new heights.
An SBA loan is a financing option for small businesses, backed by the Small Business Administration (SBA), a U.S. government agency dedicated to supporting small business growth. You apply for an SBA loan through a private lender, such as Fidelity Bank. The SBA provides a loan guarantee, which enables lenders to offer more flexible terms and features compared to conventional business loans. This guarantee helps small businesses access funding with lower down payments, longer repayment terms, and competitive interest rates.
1. Preparing for Your SBA Loan ApplicationBefore you start gathering documents, discuss your business goals with Fidelity, your Preferred Lender. We can provide suggestions on the best loan products for your needs and help you focus your efforts on the right application process. Being well-prepared will enhance your chances of assembling a successful loan package.2.Gather Essential Business InformationBusiness Structure and Leadership: Describe your business’s purpose and structure. Provide a detailed business plan with projected financial statements. Include information about your management experience and the personal backgrounds of your leadership team, such as previous addresses, educational background, and any criminal records.Legal Documentation: Prepare your articles of incorporation, franchise agreements, licenses or registrations needed for your business, and any applicable lease documents.3. Establish CreditworthinessCredit Reports: Submit both personal and business credit reports, along with income tax returns and bank statements.Financial Statements: Provide comprehensive business financial statements, including profit and loss statements, cash flow reports, balance sheets, and an accounting of all business debts and creditors.Collateral Requirements: Be prepared to use assets as collateral, which will be determined through your financial statements.Debt-to-Worth Ratio: A higher personal investment with minimal company debt makes you a more attractive borrower. Ensure you have strong financial backing and limited company debt.4. Define the Purpose of the SBA LoanLoan Purpose: Clearly describe your goals for the loan and how the funds will be used to grow your business. Make a compelling case that you are a reliable borrower who will repay the SBA-backed loan in full.
Competitive terms: SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.Counseling and education: Loans come with continued support to help you start and run your business.Unique benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.
Working with an SBA Preferred Lender, such as Fidelity Bank, offers significant advantages. Fidelity has the authority to approve SBA loan applications directly, which speeds up the approval process and provides quicker access to funds. This expedited service ensures that your business can receive the necessary financing promptly, allowing you to focus on growth and operations without delay.
Local decision-making means we understand the regional business environment and can offer personalized, informed decisions that align with your specific business needs.
Simply contact our team (1-800-388-4380) for a no-obligations introduction call to learn more about our SBA loan options and start your application process.
At Fidelity Bank, you’re not just getting a loan; you’re gaining a dedicated partner with unmatched expertise in business lending. As an SBA Preferred Lender, we are committed to helping your business thrive
For more information or answers to your questions, please contact us by phone at 1-800-388-4380 or email us at sbaloans@fddbank.onmicrosoft.com
