We have received grant funding to assist small businesses in accessing capital. This is accomplished in two steps:
- Identifying the right type of capital based upon all mitigating circumstances.
- Meeting the underwriting criteria of the selected source of capital.
Why is this important? If a small business applicant meets the underwriting criteria, then they have a VERY high probability of accessing capital to start or grow. For example, low interest SBA loans up to $150,000 are now fairly accessible and normally fund in ~15 days with very reasonable requirements, i.e., a 165 FICO SBSS score. Still yet, without assistance, very few small businesses are successful in accessing this low cost source of capital.
Based on the agreed upon source of capital being pursued, BCLI will assist the client with the following five essential elements for funding approval:
- written business plan;
- 36 month cash flow projections;
- third party feasibility data;
- business credit optimization*; and
- personal credit optimization**.
*Business credit optimization refers to building a credible PAYDEX and IntelliScore ratings. We will provide guidance and direction as to how to accomplish this.
**Personal credit optimization refers to adding positive and removing negative items to build credible personal credit scores. We will provide guidance and direction as to how to accomplish this.
All participants of the SBA Loan Package Program are guaranteed at least $100,000 in funding and we will continue to assist you until that goal is reached. The length of time to access funding is based upon you–not us–including your starting point, your selected type(s) of capital, your compliance with the process, etc. Our lending partners continue to report an average of only ~15 days for funding on the aforementioned SBA loans up to $150,000 with low interest and ten year repayment terms.