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SBA EIDL loans for Independent Contractors

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  • SBA EIDL loans for Independent Contractors

    The U.S. SBA started accepting SBA loan applications for independent contractors recently. This means - essentially - whatever business you do, as long as your CREDIT is good (AND your loan application is processed and responded to properly, which is what Modee is an expert at), you will get approved for a loan.

    Some basic terms of the program are:
    • Interest rate of 3.75%,
    • Payable over 30 years
    • First payment not due for 12 months from the date of the note
    § although interest will accrue and there are no pre-payment penalties
    • Loans up to $25,000 can be made on an unsecured basis, while loans in excess of $25k will require a general security interest in business contents and a loan condition requiring hazard insurance.
    • Loans in excess of $200k will require a personal guarantee of parties to the application.
    Please read the forum rules before you post.

    And if you need extra help:
    Modee Tech Support

  • #2
    I have obtained approval for a number of clients already. Interestingly, these independent contractors are getting more, on average, than the average small corporation or LLC.

    Recent timelines:

    Applied 6/28/2020

    Experian credit pulled 6/29/2020 (1 day)

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    Portal Request to Create SBA account 6/30/2020 (2 days)
    Extra docs requested to verify business 7/13/2020 (15 days)
    Application APPROVED 7/14/2020 (16 days)

    As you may see, the SBA has stepped up application times and is processing much faster than in prior months.

    ADVANCES (the free money of $1000. per employee) are currently on hold, as funding for that program ran out. EIDL loan applications still being accepted, but advances closed July 12, 2020, for all but prior applicants.

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    Please read the forum rules before you post.

    And if you need extra help:
    Modee Tech Support

    Comment


    • #3
      Funding July 20, 2020 (22 days).

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      Click image for larger version

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      Please read the forum rules before you post.

      And if you need extra help:
      Modee Tech Support

      Comment

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