7 Common Mistakes When Applying for an SBA Loan

In this video, I want to talk about some of the common pitfalls people encounter when applying for an SBA loan. These mistakes can significantly impact the strength of your loan application and reduce your chances of approval. I'm going to break down these seven key mistakes, provide examples, and give you actionable advice to help you avoid them and strengthen your loan application.

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00:00 - Introduction:
02:41 - Mistake #1: Choosing the Wrong Type of SBA Loan
06:36 - Mistake #2: Selecting the Wrong SBA Lender
10:54 - Mistake #3: Business Plan Too Long or Lacking Detail
14:30 - Mistake #4: Overcomplicating Your Business Plan
16:13 - Mistake #5: Underestimating Cash Flow Needs
20:49 - Mistake #6: Unrealistic or Inaccurate Financial Projections
24:32 - Mistake #7: Overlooking Personal Credit Worthiness
26:53 - Conclusion: Key Takeaways and Resources

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ProjectionHub has helped more than 50,000 founders and entrepreneurs to create financial projections so they can raise investment, apply for loans, and plan for expansions/growth. From budget-friendly DIY financial projection tools to high-touch custom consulting with a CPA expert, ProjectionHub has the financial forecasting solutions your business needs.