ATTACHED IS THE PRIOR WEEKS DISCUSSION WRITE-UP.

Reviewyour Week 2 team assignmentBusiness Loan Requirements.

Researchother online sources as needed.

525 to 700 on the forBusiness Loan Eligibility.Describe whether the team's findings were the same or different than expected before the research, and what the individual team members feel about business loans in general.

Formatyour paper consistent with APA guidelines.

Business Loan Requirements Learning Team C: JOSE URBINA RYAN BARINA SAMUEL GREEN CHRISTOPHER WRIGHT Course/Number: FIN/375 FINANCIAL MANAGEMENT IN THE SMALL BUSINESS August 28, 2017 11:59 pm (UOP time zone) Professor, ROBERT D'ALESSIO Business Loan Requirements During week two, Learning Team C begin to identify the requirements to determine of business loans are viable sources to obtain funding to start a small business. In fact, throughout our team discussion we began to understand how a SBA loan (which is guaranteed by the United States Government) and a conventional bank loan (where the bank takes all the risk) can benefit a potential business owner on starting their own business. Of course, obtaining funding for a small business isn't always easy and can be a potential barrier for those not prepared to access startup capital. For the most part, lenders at banking institutions already have lending criteria for those entrepreneurs seeking to acquire a business loan. Important to realize, small business operators need to understand the factors the banks will use to evaluate and determine their loan application. As a team, we have decided to use Bank of America as our choice of banks to research and reach out to a bank manager regarding business loans. Depending on what type of business you have and what you plan to do with the financing will dictate what loan is best for you. The SBA 7a loan is designed to aid small businesses in purchasing assets, expanding the business, obtaining working capital, and refinancing debt. For Bank of America, they offer a loan amount of $350,000 to $3.5 million. This includes terms of: seven years for working capital, ten years for purchases, and 25 years for real estate. To be eligible you must: own and operate a for profit business, must be legally defined as a sole proprietorship, corporation, partnership or LLC, and no qualify for a regular loan ("SBA Loans and Financing", 2017). A positive benefit of utilizing an SBA loan with Bank of America is that the \"SBA loans are subject to the lending guidelines of both the SBA and Bank of America, which in turn is able to take on more risk and provide more flexible terms\" (SBA Loans & Financing from Bank of America\