SBA Loan info needed...

[bubbas1]

In another thread I asked about opening a bar. (Thanks again for the replies) So we found the bar we want and put in an offer which was accepted. There agent told us about a finance guy that would be willing to help us out. We contacted him thinking it was a lending institution and found out he was a lending broker. We went along and sent him all the info he needed. Today we get the contract so everything can move forward and after reading it we have decided to not go thru him. I would rather take a chance by myself to get the loan than pay what he wanted. His cost was going to be $5000 Plus we would be responsible for all the fees associated with getting the loan. He was coming off like a used car salesman so my gut feeling said to not go thru him.

I have 3 options for an SBA loan..SBA LowDoc..7(a) program..or the Prequalification Program (I am eligible because of being a vet).

I know the difference between each one but I cant decide which way to go. Here is a little background to help out.

Want the loan to close as soon as possible.
Both have excellent credit.
Business plan already done including projections.
Have tax returns, DD214, etc. ready to go.

I would like to have this go thru the 1st time so any info would be appreciated.

 

[marine]

any chance you are service disabled?

If I were you, I would take my paperwork, put that DD214 right on top and go walk down to the VA office in your state.
Or, you could just call the one in Madisen and talk to them about it.
Even if you aint disabled, you may be able to qualify for some sort of SVO (service veteran owned) business loan.

 

[bubbas1]

Thanks Marine..I didnt even think of going to the VA office. Will give it a try.