Definition Loan Prequalification

Loan Prequalification definition
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SBA Loan Terms: Loan Prequalification

Loan prequalification involves analyzing and sanctioning loan applications amounting less than $250,000 by SBA before these applications are taken to lenders for consideration. The applicantís character, credit, experience and reliability is taken into consideration rather than assets before granting the loan. An SBA-designated intermediary review and loan application which is based on key financial ratios, credit and business history, and the loan-request terms.

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Definition: Loan Prequalification - Small Business Loan Forms / Application

Start up companies in every industry are always seeking capital to open or expand their company. This is a challenge as many of these entrepreneurs have no prior business experience or credit and have been turned down by typical bank programs. There are also small business programs designed for minority and woman-owned businesses and startups.

When your bank says no - Go find another business bank -

The 504 small business loan program is a long-term financing tool for economic development within a community. The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as real estate,machinery, land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community.
All 7(a) loans are provided by lenders who are called participants because they participate with SBA in the 7(a) program. Not all lenders choose to participate, but most American banks do.

Small Business Administration was formed in 1953 as an independent agency of the federal government to help America's entrepreneurs form successful small enterprises. There are SBA program offices (providing small business loan assistance and information) in every state offer financing and training for both small businesses and start up companies.

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SBA Loan Terms / Corporate Finance - Define: Loan Prequalification - ©2004 HJ Ventures International, Inc.