What Do I Need to Apply for an SBA Loan

If you qualify, SBA loans have some of the lowest rates in the marketplace and a 10-year loan term with very low monthly payments.

With a strong credit score, organization and the right lender, you can take your business to the next level with the loan proceeds from a low-cost SBA loan. We’ve outlined the business requirements and documents generally needed to qualify for an SBA 7(a) loan below.

Read the Rest of the Article: Everything You Need to Know About SBA Loans

Business requirements

  1. Must be classified as a small business
  2. Must be in an approved industry
  3. Must operate mainly in the United States

Additional requirements (can vary by lender)

  • Time in business must be above 2 years
  • Business owner’s FICO score must be strong
  • Permanent Resident who is at least 21-years old
  • No outstanding tax liens
  • No bankruptcies or foreclosures in the past 3 years
  • No recent charge-offs or settlements
  • Current on government-related loans
  • Independently owned and operated
  • For-profit businesses only

Required Documents

  1. Business Plan
  2. Income Tax Returns
  3. Financial Statements
  4. Collateral
  5. Legal Documents

Please visit the Small Business Administrations Website (SBA) for More Info or Read the article referenced above for some helpful tips. Or, don’t forget that we can be helpful in guiding you by asking the right questions to get you away from being a “me too” business to an “extraordinary” business.