At BusinessFirst Consulting, we understand the challenges small business owners face with high-cost financing options like merchant cash advances (MCAs). While MCAs can provide quick cash, their high fees and frequent payments often strain cash flow, making it difficult to focus on growth. That’s why we developed the MCA to SBA System — a streamlined solution to help business owners transition from costly, short-term advances to sustainable, low-interest SBA loans with manageable, monthly payments. Our goal is to empower small businesses by providing access to affordable financing that supports long-term success and stability. Let us help you take control of your business finances and make a smart switch that fuels your growth.
Credit Review for both Business & Personal
This step involves assessing the credit history and creditworthiness of both the business and its owners.
Since SBA loans require good personal and business credit scores, this review helps identify any issues that might impede loan approval, allowing for corrective measures to be taken in advance. In addition, we take the steps on your behalf to improve credit, add tradelines for personal and business, review credit reports, and develop an action plan for both parties to follow.
Guidance and Support for all aspects of the process, including introduction to the lender(s)
Providing comprehensive support throughout the loan application process is essential. This includes explaining the requirements, preparing for steps ahead, and introducing borrowers to potential lenders. This guidance can significantly enhance the applicant’s understanding and readiness for the process.
Review of Business Compliance issues and address each area needing work
Ensuring that the business complies with all relevant local, state, and federal regulations is critical for loan approval. This step involves identifying any compliance gaps and working towards rectifying them before the loan application is submitted. These compliance issues can affect business credit scores as well, so incorporating this into the process removes the risk of surprises that may extend closing dates.
Examination helps with preparation of all financial statements and tax returns, ensuring they are complete or overseeing their finalization as required. Financial documents, including tax returns, are a key part of the SBA loan application. This step ensures that all financial documentation accurately reflects the business’s financial health and is in order, or assists in getting these documents properly prepared if they’re not yet ready.
Writing a concise business plan or an abbreviated business plan
This process entails drafting a streamlined yet thorough business plan that not only details your company’s structure and the strategic use of loan funds in alignment with SBA guidelines but also includes a precise debt schedule to showcase the implications of new loan commitments and a loan payment forecast.
Completion of all forms and documents for client signature prior to loan submission
This step involves preparing and organizing all required documentation for the loan application, ensuring that everything is ready for the client’s review and signature. This thorough preparation can streamline the submission process and prevent delays.
Loan submission and Closing
The final step is the actual submission of the loan application to the chosen lender(s) and managing the closing process. This includes coordinating with the lender, addressing any last-minute issues, and ensuring that all parties are prepared for closing.