SBA Lightning Loans

  • These are a very rare “low balance” version of SBA 7a loans, with  less documentation and faster processing times than standard 7a loans, and only offered by less than five banks/lenders (out of 1,200 total SBA lenders) in the U.S.
  • All other forms of SBA 7a loans require a net profit reported on the most recent tax return, but this is a special version of SBA 7a that is based on gross revenue, with a requirement for higher personal credit score and lower overall default risk scores.
  • Lightning loans are intended for working capital (marketing/advertising, hiring/payroll, inventory, supplies, general overhead, etc.)
  • Loans amounts are 30% of gross/top-line revenue, up to $150,000 (NOT based on profitability/cashflow or existing commercial debt/leverage)
  • Rates are:
    • Loan amount of $100,000 – $150,000: 3.75% over WSJ Prime Rate (currently 11.25% — 3.75% + 7.5% Prime) (Variable, adjusted quarterly)
    • Loan amount of $50,000 – $99,000: 6% over Prime (currently 13.5%)
  • 10-year payback term (no prepayment penalties) (At $150k, monthly payment is ~$2,130; at $99k, $1,493/month)
  • Less overall documentation than standard SBA 7a loans
  • Application to funding/closing typically within 30 days
  • Loan is with private bank lender, backed by (not with the) SBA

Basic Requirements:

  • 2+ years in business (need 2 years filed tax returns)
  • 700+ personal credit score (or weighted average of all 20% owners), based on FICO 2 Experian (we recommend getting an updated credit report from FullyFundable.com/experian-3-reports)
  • 175+ ETRAN score (SBA proprietary scoring system based on both personal and business credit)
  • Must pass minimum risk assessments by Experian Intelliscore, Lumos Data and D&B Paydex
  • Annual revenue (gross income) of $150,000+ ($500k+ to get max loan of $150k)
  • Must not be an ineligible business per SBA policy

PRE-APPROVAL PROCESS

Please take a few moments to carefully read the instructions below. Download (by clicking the hyperlinks), fill out and sign the 2 attached applications for the SBA Lightning loan, and send via secure upload link below. 

  1. SBA form 1919 (more business credit-focused)
    • To be filled out and signed by the person with the highest % of ownership
    • Check YES to question #6 (agreeing to a 1% loan packaging fee that comes out at closing)
  2. 2024 business tax return (if on extension, provide 2024 P&L and balance sheet)
  3. Completed business debt schedule (Please fill out ALL fields, including collateral type. If none, type N/A in first row)

This will be enough to submit for pre-approval (1-2 business days). 

Secure file upload to loan portal: https://www.dropbox.com/request/lYF4Umog3id8BbDShPx5

Everything else can come after this first step. More documents will be required but we’ll give you that checklist if and once you’re pre-approved. 

If you have any questions, email us at hello@fullyfundable.com.

Otherwise, we’ll get back to you with a pre-approval decision within 1-2 business days. 

Thanks!

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