how to write a reconsideration letter Archives - Aurora Consulting | Commercial Financing Brokers https://auroraconsulting.biz/tag/how-to-write-a-reconsideration-letter/ Financing Solutions for Your Business Success Story Wed, 14 Sep 2022 19:18:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://auroraconsulting.biz/wp-content/uploads/2021/08/cropped-linda-rey-and-trevor-32x32.jpg how to write a reconsideration letter Archives - Aurora Consulting | Commercial Financing Brokers https://auroraconsulting.biz/tag/how-to-write-a-reconsideration-letter/ 32 32 SBA Reconsideration Team URGENT UPDATE https://auroraconsulting.biz/sba-reconsideration-urgent-update/ Thu, 22 Oct 2020 00:09:09 +0000 https://nvg.oko.mybluehost.me/?p=3130 SBA now has a way to upload required documents for your Reconsideration request directly to the SBA website. Previously (as recently as the morning of October 21, 2020!), the SBA Reconsideration Team sent you an email with the list of documents. You would then email the documents and SBA could take up to ten days to […]

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SBA now has a way to upload required documents for your Reconsideration request directly to the SBA website. Previously (as recently as the morning of October 21, 2020!), the SBA Reconsideration Team sent you an email with the list of documents. You would then email the documents and SBA could take up to ten days to upload your documents to your file.

With this new method, YOU upload the documents!

Remember: You can still apply for an SBA Economic Injury Disaster Loan (EIDL) through December 31st.

IF your loan was declined or you did not receive sufficient funds to help you through this crisis you can request a Reconsideration from SBA.

See our video on How To Request a Reconsideration, including How To Write an SBA Reconsideration letter.

Our client received the email and within an hour we had uploaded the requested documents. Notice in the email: the STATUS of your….has been UPDATED.

In this case, the loan had previously been declined by SBA.

We requested a Reconsideration on October 17th; SBA responded with LIGHT SPEED on October 21st.

In the screen shot of the SBA portal website, you can see the new TAB “UPLOAD DOCUMENTS.”

If we haven’t viewed dozens of these SBA portals we wouldn’t realize what this meant as there is no other guidance on the SBA website or by email. Unfortunately, we all have to figure it out on our own.

Here at Aurora Consulting, we are committed to providing accurate and timely information about the SBA Disaster Loan programs. Stay safe! Stay well!

7 Tips to Submit Documents for Your EIDL Application

Grab these 7 tips to better prepare you on how to submit you documents to the SBA. You have to guide SBA to an approval. We’ve seen that they don’t try to make it work if something is confusing or sloppy; they easily decline.

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]]> What To Do If Your EIDL Loan Was Declined For CREDIT? https://auroraconsulting.biz/what-to-do-if-your-eidl-loan-was-declined-for-credit/ Sat, 17 Oct 2020 01:46:17 +0000 https://nvg.oko.mybluehost.me/?p=3067 https://youtu.be/-OrbrxeglQY

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We’ve had many interactions and exchanges with the SBA about clients whose EIDL loan was declined due to a low credit score.

What can you do if that happens? Our EIDL Blueprint is a guide for you to work through this process.

1. Ask for a Reconsideration. Often EIDL loans are automatically rejected by the computerized underwriting system. What you want is a human being to review your loan request. You get to a human by requesting a Reconsideration.

2. Prepare a Reconsideration letter. At the top of the letter include your name, company name, address, EIN (or SSN if you’re Self-Employed), and EIDL Loan number. REMEMBER: all your information must exactly match the information you inputted on the SBA website when you applied for the EIDL loan. If your name was not included as an owner or Authorized Preparer, then you cannot write the letter; only names that were inputted on the original EIDL application.

3. In the body of the letter, keep it short and concise. Request a reconsideration due to your credit explanation. Write a brief credit explanation in the next paragraph. For example, something like this, “The late payments on my credit report and the resulting lower credit score were directly a result of the COVID-19 pandemic. My income/revenue dropped dramatically and I could not pay my bills on time.”

4. Keep your credit explanation short. If you have any documentation that supports the explanation, be sure to include PDFs of that documentation with your request.

5. Sign and date the letter.

6. Send your request to [email protected].

Our advice is this: no matter how bad you think your credit is, do not lose hope. Request a reconsideration no matter what!

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