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SBA's Low Doc Loan Program...Maximum Loan Amount $150,000
 A business is usually eligible for the SBA LowDoc if:
--The purpose of the loan is to start or grow a business;
--The existing business employs no more than 100 people;
--The business has average annual sales for the preceding three years not exceeding $5 million, the business including affiliates;
--the business and its owners have good credit;
--the business owners are of good character
The Low Doc Loan proceeds may be used to:
1. establish a new business or to assist in the operation;
2. acquisition or expansion of an existing business.
These may include (non-exclusive):
a. Purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities;
b. Acquire equipment, machinery, furniture, fixtures, supplies, or materials;
c. Long term working capital including the payment of accounts payable and/or for the purchase of inventory;
d. refinance existing business indebtedness which is not already structured with reasonable terms and conditions;
e. Short term working capital needs including: seasonal financing, contract performance, construction financing, export production, and for financing against existing inventory and receivable under special conditions;
f. Purchase an existing business.
For more detail no how the program works, interest rates, collateral, maturity information, click on the website link below.
Website: U. S. Small Business Administration |
