SBA Form and instructions for adding a co-borrower to your application, for credit denial or preemptive measures.

Do you know if the co-borrower has to have ownership of the business?

Awesome! Thank you u/cue378!

Oh good! Thank you! For all your time to keep us updated and informed to ensure we receive an approval! We appreciate you 🙌🏼🙌🏼💪🏼💪🏼

Thanks, i just filled the form and i will send it thru email right now...

Well hot damn!! Looks like cue has thrown another volley of business saving info out to us!! You're the man .I'm gonna pay another visit to your tip jar

Thanks so much for the information. I think they said guarantor but it may have been co maker.

Like so many of us , I have been in a daze as this roller coaster ride continues. Every time you think you are close, somebody says just wait a bit

This is a great pathway. So the co borrower would not have to have any owner ship and if the loan is less than the $200,000 then they do not have personal liability

Everyone was nice and said that they were working to get loans approved and through. This was not a tier two but somebody in the processing department who asked that I not use her name.

Thanks so much for all your help and support for all of us.

You probably signed off last night. I wanted to know if you have seen apps with businesses opened less than a year get approved. I opened 10/2019 and made a gross profit of 38k and zero COGS service business. I know they waived the one year in business rule but just wanted to check.

u/cue378 Are you able to help me? i will really appreciate it, i sent a pm this morning, thanks in advanced...

I received a Denial Letter based on Unsatisfactory Credit History on 5/19. I sent back titles of over $100,000 worth of free and clear collateral, along g with other equipment we have totaling another $100,000 I could put up if needed. I also included the fact that Student Loans being sold to other lenders from YEARS ago and still showing in Default have seriously dragged my Credit down. I actually had went through the Department of Education Rehabilitation program and were having automatic payments drafted until this Coronavirus happened- I also sent them proof of the payments I made trying to get it back on track.All of this was included in the letter for reconsideration I emailed back the same day. What do you think? Do you have any other suggestions? Thanks for the post, it gives hope to all of us other business owners during this uncertain time! And Thanks for posting the timeline- I can find nothing on the timeline once the Reconsideration team gets the Reconsideration Letter.

Loan amounts under $150k don’t require personal guarantor right, so isn’t this a no brainer if you get denied?

This may have been asked and answered or perhaps I don’t understand. I have concerns about my credit as my business is still shut down, like so many of us, an advanced agent (I believe) told me to have a guarantor or co borrower go on with the company loan application. Just as you suggested. I asked why would that matter if the loan is only approved for 141,000 and wouldn’t require a personal guarantee.

His answer was it would make it go through so much quicker than proving ability to repay. Short form 3/31 Application 33005xxxxx Credit pull 4/19 Advance 4/22 Alerted problem with my federal id. I made a mistake, 100% my fault. Second to last number used 7 instead of an 8. Of course an application with the number I accidentally gave them had been applied for. Went into duplicate application nightmare. Finally sorted out 5/15 but told another hard credit pull needed. My experian advantage is in a free fall as no money coming in but bank obligations are still there, now 551 so below minimum level. Have the answers as to why and proof of a 30 year profitable pre Covid 19 shut down. They agreed but shared with me the intended rules as opposed to the actual application of the rules is different due to this vacuum that some of us are still stuck in.

Kind of like just do this and you will get approved a lot quicker . The recon representative told me today. I just can’t get an answer to the question of whether the guarantor would be personally liable if , again loan is below $200,000

Any help or I formation would be greatly appreciated.

The link for the form does not open correctly for me. Is there something I'm doing wrong?

do you leave all the other items on the application blank? are you saying not to fill out the full application?

and only the coborrower signs?

Good afternoon Cue, I hope you're staying health (and sane). Thank you very much for all your help. Good things happen to good people. I tried e-mailing you a few days ago. I know you're slammed, but I thought maybe I should reach out to you here, too.

• App #33004xxxx
• March 30th - app submitted
• April 18 - hard pull
• May 15th - portal invitation

Crickets since. I seem to be way behind. Any help would be very much appreciated. Thank you very much.

Called today my loan can now be seen. Rep said loan officer reviewing. How long does the review take?

I tried to email you cue378 but my email says your email is not legit ? Help

Hi Cue, not sure what to do but maybe if you have some insight on my loan situation that would greatly help.

Timeline

applied 4/2 3605xxxxxx.

Credit pull 4/22

Recieved grant 4/28

I have never received any communiction from sba. I have called several times since then and the very nice agents tell me that that is it in process and that I need to wait for the loan agent to complete and make a determination.

I called again today and the agent said that everything looks fine on my end, I will just need to be patient.

Any thoughts?

Thank you in advance

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Hello Cue I hope all is well with you. I know you recieve lots of messages so I apologize for adding to the bunch. I have accepted my offer amount of 50,800. But I read after That if I accepted loan amount over 25k would require collateral. Is that true? If so would that in-tail would I hav to show documents? Is there a way I can change my loan amount to a lesser amount? I’m just so worried now. I Also I have yet to receive the loan documents yet so anxiety is kicking in. Please if you could help or advise me I’d really appreciate it.