Statistics show that a large portion of the world’s population owns and runs a small business. Apart from the necessary documents, you would also need to present at the bank all the SBA requirements such as the SBA loan application, a personal financial statement, a good business plan, 3 years of business financial statements, 3 years of federal business tax returns, information about all owners and detailed information on how the business would benefit from the loan.
This program provides small loans of between $5,000 to $50,000 to both small start-up and existing businesses, it can be used for a broad range of business purposes, and those receiving such loans must participate in a technical assistance program administered by the nonprofit agency providing the loan.
Since 2002, a series of federal investigations have found fraud, abuse, loopholes, and a lack of oversight in federal small business contracting, which has led to the diversion of billions of dollars in small business contracts to large corporations.
Besides these essential documents, you also have to complete other important formalities such as submission of financial statement, business plan, financial statements, documents related to tax return and other important information associated with loan acquisition.
The Tennessee Small Business Development Centers network, hosted by Middle Tennessee State University in Murfreesboro, TN, is an accredited member of the National Association of Small Business Development Centers and funded in part through a cooperative agreement with the U.S. Small Business Administration , participating universities and community colleges, and regional support partners.