If you’re looking to get a small business loan in Melbourne, FL, here’s what you should do:

1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
2. Check your credit score. Many lenders in Melbourne, FL, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
3. Research lenders. Many different types of lenders offer small business loans in Melbourne, FL, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Melbourne, FL

The time it takes for the SBA to approve a loan in Melbourne, FL, can vary depending on factors such as the complexity of the loan application, the completeness of the documentation provided, and the workload of the SBA office processing the application.

Generally, the SBA aims to process and make a decision on a loan application within ten business days of receiving a complete application package. However, it's common for the process to take several weeks or even months. It's important to note that working with a lender experienced in SBA loans can help expedite the process.

The SBA offers several loan programs to support small businesses, but no specific SBA loan is the easiest to get in Melbourne, FL. The ease of obtaining an SBA loan depends on various factors, such as the lender's requirements, the borrower's credit score, business financials, and the purpose of the loan. However, the SBA Express loan program is often considered a faster and more accessible option since it has a streamlined application process and a lower maximum loan amount.

Personal guarantees are generally required for most SBA loans, including those in Melbourne, FL. This means the borrower is personally liable for the debt if the business cannot repay the loan.

However, the SBA may not require a personal guarantee for some smaller loans (up to $25,000). Additionally, some SBA loan programs, such as the SBA Express Loan, may require a smaller personal guarantee than others. It's important to note that the specific requirements for personal guarantees can vary depending on the lender and the loan program.