This was recorded before the SBA announcement about the new process for EIDL Loan Reconsideration | Will it be a New Frontier? SBA finally removed the artificial $150,000 EIDL LOAN cap that was arbitrarily imposed without Congress approval.

Loans were increased to $500,000, which is lower than the original legislation of up to $2 million. Working capital calculation contemplates 24 months vs. 6 month working capital.

0:00 Apply, Lather, Rinse, Repeat
0:05 Showering as an EIDL LOAN Reconsideration metaphor
0:28 Is there really a STEP-BY-STEP Reconsideration process?
0:45 Preparing for the subtleties of the process
0:55 How every business owner's business loan situation is different
1:05 When you apply for any kind of business loan
1:35 How the SBA will handle underwriting your EIDL loan
1:45 Adding the human element to the process - IMPERFECT
2:23 HOW SBA underwriters may interpret your business information
2:27 What you can do when you submit documents to the SBA
2:41 Real example of how it can get confusing and cause delays
3:05 Communication breakdown during sba loan underwriting
3:15 How easy it is to get emotional with this process
4:00 One thing you can do which is the hardest thing to do!
4:35 BLOOPERS

Even with the proposed changes to the SBA EIDL Reconsideration process, this video will give you insight as to the process in the background with the SBA when they are underwriting your loan.

How & WHY to Submit A PRISTINE document package to the SBA:
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10 TIPS when applying for Disaster Financing:
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Aurora Disaster Financing Consulting Services
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💥 Take our eligibility survey if you want to work with us:
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We are Business Financing Brokers and Disaster Financing Specialists. We help you get cashflow into your business so you can run your business. Financing Solutions to Build Your Business.

Let your account receivable work for you so you can work on your business.

We started Aurora Consulting inspired by a conversation over dinner with our new neighbors. He went to the bank, they spent considerable time (and his money) processing the loan application. He needed $500,000. After months of processing the bank approved $50,000

He said, “I think you left off a zero.”

We review all financial statements, business plans, marketing plans and any other pertinent items in the early days of working with a new client.

We do this to anticipate and resolve problems a Bank or Lender may have in the future.

When you apply directly to a Bank/Lender for commercial financing, these items, credit reports, financial statements and the like, are not reviewed until the late stage of the loan application process.

By then the applicant has spent time collecting and submitting documents and spent money on application fees, appraisal fees and other associated costs.

Literally most Banks/Lenders do not run a credit report until the very final stage of the application process, weeks or months after the initial application.

At that point, if a credit issue arises on the credit report, all those weeks and months of work are quite literally flushed down the toilet and the loan is declined.

Our role as your financing Broker is to review all relevant documents, including a credit report, in the early stages of your request, before the application, before we've even started conversing with a Bank/Lender.

📌 Our Financing Services & Products:
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🙋♀️Linda Rey’s & 🙋♂️Trevor's channels:
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