Steps To Successful SBA Financing

So you are wondering, what are the requirements for an SBA Loan?

I) Eligibility requirements

Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding. The lender will provide you with a full list of eligibility requirements for your loan.

1) Be a for-profit business

2) Do business in the United States

3) Owner(s) have invested equity of time or money into the business

4) The business cannot get funds from any other financial lender