Expert answer:A SBA Loan Application
Expert answer:Need help with this assignmentPrepare and defend a loan applicationIn
summary, this assignment requires you to complete an SBA loan application and
then discuss strengths and weaknesses of your application. You will use
fictitious information since I do not want to know your financial status.Obtain
a loan application from the SBA and fill out the application using fictitious
information. The specific forms required in this assignment are numbers
1919, 912 and 413. Given the next requirement of this assignment, you probably
want to create a weakness within the fictitious application. Note that
you will NOT be filing this application but simply using it for this
assignment. Also note that particular attention will be given to Form 413
when grading. Discuss
the strengths and weaknesses of your application AND prepare a defense for any
weaknesses revealed during the application process. You will need to
address a history of bad debts, bankruptcy, a poor credit rating, or similar
issues.
COMMENTS ON ASSIGNMENT:
A
copy of the loan application can be completed and printed from the SBA
website. All 3 forms noted above must be completed—you can either scan the
files and save as pdf files or save the pdf file after completion. Please check
your files before submitting to “Assignments” to be sure they are readable. In
addition, you will file a Word document that discusses the strengths and
weaknesses of your application.I
have learned from previous instructors that students learned a lot about the
loan process through this assignment – especially students who had not
previously applied for a loan. When discussing potential weaknesses of the
application, I suggest that you approach the requirement in third person.
That is, rather than “defending” as the loan applicant, address
the weaknesses with a more academic approach, such as discussing how
an individual might address any instances of history of bad debts,
bankruptcy, a poor credit rating, or similar issues.REASONING:
I believe this assignment is designed to give students the opportunity to
experience the loan application process — not necessarily seek and obtain a
loan. You will hopefully learn about the process and all its many inquiries. I
believe it is also designed to get students thinking about anything that could
interfere with them obtaining a loan and how that will be handled.
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