How to get APPROVED for SBA LOAN? NOW Even get a loan to Get Rid of Partner! Qualifying is EASY!

How to get APPROVED for SBA LOAN?

This is going to be great I am so excited to share this information with you I'm going to answer some questions have people been asking that surround the SBA and I'm going to cover these questions one of the biggest questions I got the first one is can I get multiple SBA Loans yes you can have multiple but I'm going to get into that and how you get them I'm going to cover that also people ask me how hard is it should I

Even try can I use the same information for a regular loan if the SBA turns me down how long will it take to qualify and most important should you take the time and the effort to put into this stuff well in this video I'm going to cover that an awesome special treat how you can use the 7A SBA loan to get rid of a bad or sour partner or maybe you're married to your partner and you're getting a divorce and you want to you got a successful business and they want

To move on they don't want to see me every day well I have a breakup loan the SBA 7A breakup load is my biggest frustration and this is one that got me started really pushing this I've gotten SBA Loans I've used it for my businesses I've started some several businesses finding businesses with SBA and underwritten about 77 000 of them but my biggest frustration is this and this is how I got into it as an underwriter is that Banks would literally not approve

An SBA loan yet the SBA would do it there are lots of Banks and I can't mention them because they'll attack me but they'll disqualify you and yet the SBA would buy your loan and the biggest thing that really upsets me is that when these banks that have like a card to make infinite money because the government guarantees if you default on this loan and don't pay it back the government the SBA is guaranteeing to pay for this loan and make sure the bank

How to get APPROVED for SBA LOAN? NOW Even get a loan to Get Rid of a Partner! Qualifying is EASY!

Doesn't lose any money don't get me started let's get into the article that way we can just keep it positive here the SBA 78 has helped countless companies names you know like Intel like all the different companies coming up the big Brands the ones that are worth billions today they started with SBA money yep because they needed it and five million dollars can go a long way to helping you expand to those projects break ground on new real estate or pivot

Your business to grow as well as add-on maybe new equipment which I'll talk about later from a company that I'm currently in the process of buying that we're using this as leverage if you've had a loan an SBA loan you're probably wondering the question that launched the first question which is can I get a second loan the answer to that is yes I'll give you an example of a company that I'm working on buying right now they have a lipstick machine they do

Lipsticks right so that's great but if I get a client that wants to do Foundation or powders I'm going to need to buy another piece of equipment that could be as much as what I'm paying for the company and going to the SBA is perfect because I can show them that I'm adding this so that I can help the current customers have access to more products and also I can sell the new customers that will end up buying lipstick interesting right so that's one of the

Uses that are so important and critical that a majority of banks won't do but this can Propel you to the next level and literally double your business can you do a second 7A well the short answer is yes you can do multiple loans but you first need to make sure you qualify and let's take a little time to work through those details also if you go back to your bank and they say no they're not going to do another loan it does not mean that you don't qualify for one it

Just means they only want to do one loan with you they've made yours and they're done they don't want the complications it's interesting but I've seen it I'm Andrew Cartwright if you're new to the channel welcome the goal on this channel is to get your money leverage it I think Leverage is how I've made millions and how I want to help you make millions because making thousands of dollars you can do that with a job or a small business but leveraging it to get into

The millions that take some knowledge and some strategy and some understanding which is why I created this Channel I'm so interested in helping you grow so that you can invest that money because I want you to live the best story ever I mean if you're gonna live why not live the best that you can that's my goal I've started 32 companies in 17 Industries and bought 17 companies and want to buy companies with you I'm calling it epic 99 and I'm putting up

How to get APPROVED for SBA LOAN?

The money the loans the financing to put the business together and want to buy businesses with my audience 99 of them covered in detail on this channel all you got to do is go into the description if you're interested it's below the stock stuff and literally fill out the intake form so that you can be in the running to buy those businesses with me so if you're interested in that in buying a company let me know that's what epic 99 is about my goal is to buy 99

Companies I bought 17 and I want to buy 99 with you my audience so the intake form is in the description also you can get 15 free stocks down there with MooMoo which is incredible also 12 stocks with Weeble which is there as well and if you need a loan you're not interested in partnering with me you just want a loan I get 12 different programs in 75 different lenders in the description under loans that you can check out so make sure you do that also

Consider subscribing I put a lot of work into these videos to help you out I'd appreciate a little like you know if you could just like it helps out with the YouTube algorithm and put a comment in there because that helps too

Don't put my WhatsApp number there I'm not there so let's get into this the 7A loans are the main stream Mainstay for small businesses as long as they have a net worth of no more you can't be worth more than 15 million dollars I'm sorry you can't make more than five million dollars because then you just won't qualify so if you make less than that or you're worth less than that guess what you're in the running and you need to be a U.S citizen or a permanent resident

Yagaso gotta own 51 are we good so far you also gotta have a for-profit or non-profit trade Enterprise so if you have a non-profit profit 51 in your permanent residence and or a US citizen you're good so far although there are some limitations based on the type of business like you know probably not a strip club if you know what I mean and many small business medium sizes and all qualify for the 7A loan it is the best for Upward Mobility I focus on this so

Often because if you're a minority you're a woman-owned you're a small company most banks don't want to deal on a deal horrible they pretend like they do but really the 7A us folks that are trying to bring people up lift people up it's not as sexy you don't make as much money as those guys that are making hundreds of millions of dollars doing big deals the small deals to help people come out of the mud Intel came from a loan from the SBA come on

Give us a break any way you can use this for so many different reasons you can use the 7A loan it includes upgrades if you want to upgrade your business maybe you want to redecorate it you think you'll make more money if you need working capital maybe you got to buy some equipment like my Foundation machine and if you want to buy your competitor it's incredible and awesome if you want to buy out a partner like if you have a wife or a husband and you're

Just tired of each other and you're like look we only have this business keeping us together and I'd love to go let's say your business is worth a million dollars and she owns or he owns 50 basically you can get a loan for 50 of the business 500 000 which is only 50 loan to value when you think about it you could actually probably ask for some more and then you pay them and they go on their happy merry way hopefully they don't start a competitive business which

Happens a lot you might want to get a non-compete clause in there most 7A loans because being an underwriter you see everything right and I've done over 77 000 different SBA Loans 7a's they're my favorite I've been an underwriter 2012. I see everything nothing shocks me anymore those terms for those loans how long are they they can be 10 to 25 years which is incredible plus the down payment is like 10 it's the lowest when it comes to different loans if you

Get conventional it could be 20 30 you got to put down plus the other really cool thing is we can fix rates now which we weren't doing for a long time so you need to do that to make sure that if they raise interest rates any higher you don't get stuck and these long repayment programs are awesome plus they give the best rates in the industry because it's backed by the SBA and the United States in fact when I think about the United States I think one thing what keeps me

How to get APPROVED for SBA LOAN? NOW Even get a loan to Get Rid of a Partner! Qualifying is EASY!

In the U.S is the SBA if there was an SBA program in another country I would do it there too I would be back and forth between countries but the only country I know of in the world that has upward Mobility that's built into the foundation of America is the SBA and its upward Mobility for minorities women and people that don't have much money now they've added a lot of flexibility and normally they don't have any repayment penalties these are penalties they place

On loans that if you pay them off early they didn't get their interest so they're mad and or they just want the interest maybe they're not mad they just want to make the money off of it so they charge you a prepayment penalty well a lot of SBA Loans we don't do that anymore so it's possible to get 7A loans and there's possible to get multiple loans now remember if the bank turns you down don't count on them maybe come to the loan portal hit there and say that You're asking for an SBA loan because they are available a lot of banks will turn you down because they're Windows like this but the SBA is like hey we'll do it I want to mention so many banks that push people out the door that would literally get loans I talked to somebody just five minutes ago that that happened and we can do the loan then there's other conditions that are easy to understand about companies that wish to request money for that 7A loan 

The positive news after taking out a 7A loan is you're still eligible to apply for more in fact you have the golden seal that's what we call it is a golden seal you have an SBA number they like literally looked you over from head to toe although the SBA lenders may have a little bit more requirements generally speaking you can get approved for a 7A loan as long as each one satisfies the SBA 7A requirements listed in the video before this that are covered and each of

The loan is current you gotta be making your payments you can't ask for more money and not make your payments and you gotta ask for 5 million or less unless there's real estate involved but the 7A is incredible if you're doing real estate 504 is the better place to go but that's a whole nother video now to answer the main question 7a's what do you need to do to get that multiple loans if you want more than one and if you're getting one now maybe you want to expand

And get the next one and you know you getting SBA Loans because you're like Andrew Cartwright got me going and here I go even though it will require that you simply qualify for additional SBA loan to satisfy those original conditions that I outlined put your best foot forward put on the nice suit look good when you roll into the office and if you don't believe you can expand and grow don't go in there like I think we're gonna do okay I'm not sure but

We're borrowing another two million dollars hoping that we'll add business don't do that you need to be pretty clear you got to convince them that you're committed when considering your application for that second loan on that SBA lender they may examine your business financial information with an even closer eye to make sure that they're making it for 

Reference the two that would be just really bad if they're different and you will need to have all of your financial records in order to demonstrate that you meet the primary conditions to order and qualify for that loan regardless of whether you've applied with the same lender as that one spend the extra attention on that I would go to that first lender first ask them present it to them see if they're warm and fuzzy about a second loan because it's easy

For them but if they're not they want to keep it simple and just keep your one loan make sure that you go see another lender don't take their word for it that the loan is unknown get a couple though you know if a doctor told you something you didn't like here and maybe go see the other thing is that service coverage ratio you might not know what this is

How to get APPROVED for SBA LOAN? NOW Even get a loan to Get Rid of a Partner! Qualifying is EASY!

This just means if this is your income and you're covered this much of it this is the debt that covers your income I don't know if you can see that but basically, it covers some of your income right you still have all this leftover you need to have at least 15 percent higher than your debt so if you make a hundred and fifteen dollars you can borrow a hundred that's how it works so if you ask for 115 they're not going to give you a loan if you ask for less than

That they'll be like hey this is great you can cover it they want to make sure that you can pay back the loan and you put money in your pockets people don't make money they don't stay motivated for very long you need to have that ratio and a lot of conventional loans require like a 1.25 or 1.5 I've got some businesses that are two eventually they also want more collateral to cover that extra loan so you want to make sure you put the relevant information about that

Collateral in place the application process for that second 7A loan that we talked about is exactly the same when you go through it as the first one and it begins as soon as you have all the requirements done in order the long story short is that you get this SBA money same as typically before and all you got to do is follow a couple of steps and you're there as far as getting rid of a bad partner and you just want to get rid of them go get a loan Life's

Too Short if you have a partnership whether it's 10 30 40 even 60 percent you might want to go ahead and get an SBA loan to finance them out I know it seems weird but if you got a million dollar company that million dollars are like dead Equity it's like equity in your business that's just dead and if somebody wants to move on you might do better as a business if everybody at the table is happy I want you to be happy my name is Andrew Cartwright take care.