How Does The SBA EIDL Loan Work How Do I Apply

In this video, I'm going to talk about how does the SBA IDL loan work and how do I apply. Now, it's available for everyone, but it's going to take some work. I'm going to give you the exact steps to go get that money today. Specifically, we're going to talk about three things. Really, the number one reason why most people are denied, and it's shocking that this could totally be avoided. Number two, the five kinds of loans and which one's right for you. And then number three, what are you going to use the loan for? And inside there, I'm also going to just talk about how critical it is that the reason you're applying and how you're going to use it, your business plan is necessary for success. So let's begin. Number one, what's the biggest mistake? Procrastination, right? I teach this thing called living a procrastination-free life. See, the only reason you procrastinate is one of two reasons. You either don't want to do it or you don't know how to do it. So let's just get rid of them and never procrastinate again. So if you don't know how to do this, then you are going to work with us as a client. If you don't want to do it, it's another reason you're going to work with us. So I actually worked with the team too. I'll just tell you, I didn't fill out these applications. I mean, I guided them. I'm going to tell you to do what I did. I'm going to stay busy and I stay focused on revenue, which is my job and leading the company. That's your job too. So I have assembled a team that helps you get this stuff done. And it's all that exciting paperwork. And you say, well, I really like that. Well, it's going to take some time. So then who's going to be running your company and driving revenue while this gets done? Time is, I'm going to sing on your side and not on your side. Time is of the essence. And again, procrastinating, putting this paperwork off and putting it off is why most people don't get the loan or the funding. So we actually have a whole process to take you through as a client and help you have very successful funding from the SBA, specifically the IEDL, which is Economic Injury Disaster Loan. And it is submitted through the SBA, is your government agency. And it is designed to either give you, you know, business growth and capital, help you sustain because of the lack of sales through this very volatile and interesting time that we're in. So a lot of you need it. You need it more than you think you need it. And you've been struggling inside your company. I'm going to go to that later in my video. But let's talk about number two, the five different loans and which one might be right for you. But time is of the essence. End of my video, I'm going to give you a link to click to start today. Must start today. Let's go through the loans. I'm actually going to read some of them off. They're kind of technical. And then we'll get to some application because that's what I'm known for, some common sense application, which one's probably right for you. So five types of SBAs, right? That you can apply depending on your business needs. SBA 7, right? A loans. So the most common type of SBAs is the SBA 7A loan is the solution for business owners who need long-term working capital to purchase or need equipment and financing. Now, second one, right? So make a little note, do you need equipment and do you need equipment financing? Now, there's a second kind called the CDC 504 loan. These are high value loans that are used to purchase large or fixed assets and finance capital projects. So for example, you're going to purchase an office or a factory or you're going to do renovations inside your building. So those of you are real estate, this is going to be pivotal to indicate that this is the box you're going to check as we go through how to help you fill out these loan applications. So the CDC 504 loans could cover up to 15% of the project's total cost. The IEDL disaster loans, if your businesses have been affected by a natural disaster, you qualify for special SBA disaster assistance that is used to replace lost property equipment, real estate lost to natural causes. So for a lot of people, you're using this because of what happened with the pandemic. It is a disaster. It's considered a natural disaster. And still today, when this came out the end of March, April, 2020, folks thought it was only going to be until around September, which it was, and then it actually was taken away. And then it was re-initiated as long as, you know, there's just this continued pandemic and the new variances and it just continues and continues, whether you like the politics around it or not. It's an open loan. Right now, you'd have up to 24 months of a non-interest bearing loan. This is worth looking into and applying to. Now, number four is a cap line. So an SBA cap line is for construction projects for small business. And it's up to 5 million and is up to 85% guaranteed secured by the SBA. So this one, for those of you on construction projects and small business, it's enormous. I've had so many clients in real estate, right? So those of you that have real estate, this is the loan. Those of you that want to grow, buy land. I can tell you there's a partner of mine just bought several RV parks, just the land alone, bought another 76 acres to actually just do development and sell off to other builders. This one is real and is so significant for those of you who want to stay and sustain during one of the biggest real estate booms we've seen because of what's going on politically. The California, Oregon, Washington moving inland. They're moving in as fast as they can. Same with New York. A lot of people are moving out of the East Coast. So interesting transition of demographics and real estate's hot. That's a great, great loan. Again, it's called a cap line loan. Then number five is an SBA micro loan. These are for nonprofits, for charities, social enterprises in denominations and as small as $5,000. Those are the five types of loans. So you're probably sitting back there going, well, which one should I get? Well, at the end, I'm going to give you the link to talk to one of our experts and we're going to help you decide which one you should get. And then how do you get ready for it? So some things you're going to have to get in order, right, is your credit. You're going to have to put up your credit. You're going to have to put up your social security number, even though you're applying through your company and you're going to put up your EIN number. These are personal guaranteed loans. So if you don't like that before you leave, do not click away. I want to consider and have you think about partnering. Who could you partner with to either grow this aspect of your business, use their credit, partner with other people who are willing to put up some of these indicators as data points that are going to be required for the loan. You're going to need two years of tax returns. You're going to need two years of P&Ls, you know, typical loan stuff and typical stuff that honestly you don't like to do. So the kinds of folks that are working on the team on your behalf, once you become a client, are bookkeepers. These are like people who love paperwork, super analysts who are going to help you get this done right and make sure it's ready to present. So the cleaner the paperwork, the less they come back and say, oh, and I need this. And now I need this. We've helped hundreds of people get these loans and help them keep their business thriving. And honestly, some of them, even with $100,000 and $150,000 are going to make millions, millions just on this move of using this debt properly. Now, what can you use it for and who should use it? So again, back to the exact fine print. What can the SBA, again, EIDL stands for Economic Injury Disaster Loan. What can it be used for? Again, it can be used for capital, normal operating expenses, continued health care benefits, rent, utilities, fixed debt payments. Some of it is really payroll and payroll expenses not covered by the PPP. Sometimes you can get that. But a lot of times what I've seen is the qualifier that the PPP, which is no longer available, which is your payment protection plan for your payroll. They might have just a variance on that, that you can only use it so much. All this put together, this is free debt for 24 months. This is amazing business growth and sustainability for you entrepreneurs who are out there. And those of you that are lost your job and you want to become entrepreneurs, what a great way to have the funding to start if you need it. I have a variety of other sources of funding, absolutely essential. So I need you to click on the link below. Before I do that, though, if you've liked this, the algorithm out here on YouTube, it likes a lot of thumbs up. So hit it like 10 times, 20 times, share it with your friends. Give me some comments. If you like this kind of content, I'll give you more of it. It's very specific, very narrow. But all you entrepreneurs out there, I will come up with the reason why you need it because the interest is free for years and it's on a fixed 2.5 to maximum I've seen as a 3.5 loan. And a lot of that will be dependent on your P&Ls, your tax returns and your credit. So let us help you. I want you to click on the link inside the description. What's going to pop up is an application to become a client or to qualify to work with us. Now, the one thing once you become a client that I didn't say, that's just a super big bonus is we're going to walk you through a business plan. You absolutely need a business plan. Now you won't need it to apply, but you're going to need it in life. A lot of businesses fail because they don't have a plan and they don't have a guide. They don't have a mentor. Someone who's done this for, I've been doing this for 25 years. I've assembled a team. I will not be doing your paperwork, by the way. I have a team who does my paperwork because I don't do my paperwork. Very team who does mine will do yours. And it's a huge value. Love to share it with you. Love to keep you entrepreneurs thriving through this pandemic. So click on the link, apply today. Let's begin.