The purpose of this SBA loan is to reduce the paperwork involved in loan requests of $100,000 or less. Under this program, SBA uses a one-page application and relies on the strength of the individual applicant’ character and credit history.
The loan applicant must first satisfy all of the commercial lending institution’s requirements. The lender may then request a LowDoc guarantee on behalf of the borrower. The LowDoc Loan is an SBA 7(a) Loan Program.