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SBA Eligibility Requirements

Eligibility Test-Quiz

Below are the Basic Eligibility Requirements for a SBA Loan
If you can check
"Yes" to all of these items You Might Be Eligible for a SBA Loan!

YES    Collateral To the extent that assets are available, adequate collateral is required as security on all SBA loans. However, SBA will generally not decline a loan where inadequacy of collateral is the only unfavorable factor, but the lender can decline the loan request. Collateral can consist of both assets which are usable in the business and personal assets which remain outside the business. Borrowers can assume that all assets financed with borrowed funds will collateralize the loan. Depending upon how much equity was contributed towards the acquisition of these assets, the lender also is likely to require other business assets as collateral. For all SBA loans, personal guarantees are required of every 20 percent or greater owner, plus others individuals who hold key management positions.

YES Business will be or is a U.S. Business.  (Note:  This means it will be Located in the United States or in one of the U.S. Territories)  Further Clarification:  This does not mean that the owners have to be Americans.

YES Business will be or is a Legal Business.  (Note:  This means Business can not br engaged in any illegal activities)  Further Clarification:  If the business is Not going to be involved with criminal activity then the business is eligible.

YES    Business will be or is a "For Profit" Business.  (Note: This means Business is not a "Non-Profit", Religious or Charitable type of Business)  Further Clarification:  Businesses other than "Non-Profit", Religious or Charitable are fully eligible.

YES    Business will initially or currently has under 500 Employees if a Manufacturing Business and under 100 Employees if a Wholesale Business.    Further Clarification:  This does not relate to future plans, only current number of employees at the present time.

YES    Loan amount needed is not more than 2 Million Dollars 7(A) (4 Million 504 Program). For loan under $150K the government guarantees is up to 85%.  For loans over $150K the Government Guarantee is up to 75%.  Also if it is more than $2 Million Dollars you can still get a combo loan with SBA Backing.     Also if the loan is more than $4 Million Dollars you can still get a combo loan with SBA Backing. 

YES    Applicant is a U.S. Citizen or has some type of Official Immigrant Status.   (Note:  This relates to the Existing Business Owner or Proposed Business Owner)  Further Clarification:  Applicant does not have to be a U.S. Citizen.

YES    Business will be or is Independently Owned and Operated and Not Dominant in its Field.    Further Clarification:  This means that it is not a publicly held stock market company, a government owned agency or a giant corporation such as IBM or Microsoft.

YES    Business will be initially or is currently Annually Grossing under $29 Million Dollars for a Service or Retail Type Business,  under $28.5 Millions Dollars for a Construction Type Business.    (Note:  for existing businesses sales figures are Based on the Average Annual  Sales over the previous three years)    Further Clarification:  This does not relate to future plans but current actual figures at present time.

YES   Applicant or Business is Not Behind or In Default on any past SBA Loans.  (Note:  Only Applicable if Applicant or Business has or has previously had an SBA Loan)    Further Clarification:  If there was a SBA Loan previously then it is not a problem if it is not currently in default or has already been settled previously in some way.

YES    Applicant is of Good Character and not Currently Incarcerated, on Parole, or on Probation.    Further Clarification:  Past criminal convictions do not make one ineligible.  This is related to current status only.

YES    Business or Individual Applicant is Not Currently involved with any type of Bankruptcy Proceedings and should not have had a Bankruptcy within the past 5 years.  (Note:  There are exceptions made  in cases where a Business or an Applicant has since re-established good credit)    Further Clarification:  Past Bankruptcy does not make one ineligible.  If you have had a past bankruptcy you are still eligible for a SBA Loan if enough time has passed or you have re-established your credit.

YES    Business or Applicant has Fair, Average or Reasonably Good Credit  and does not have Outstanding Judgments or Unpaid Liens such as IRS Liens.  (Note:  Perfect Credit is not a Requirement but any negative items appearing on the credit report need to have a written explanation.)    Further Clarification:  Past bad credit does not exclude one from getting a SBA Loan.  You are still eligible if you have bad credit.

YES    Business will Not be a Speculative Investments Business, Risky Real Estate Investment Business, Multi-Level Marketing Business, be "Primarily involved in Lending Activities", Pyramid Sales Plans, nor be "Primarily" engaged in Gambling or Pornography.    Further Clarification:  Real Estate Businesses are still eligible.  The key word is "Risky".  Investment firms are still eligible as long as it is not primarily  "Speculative" investments.  A Loan Brokerage firm is still eligible.  Other loan companies can also be eligible under certain circumstances.  The key point is that the loan amount will not be used for loan funds to your customers but instead used to develop or start your business.  If your business is involved in gambling the key point is whether it is "Primarily" involved or only "Incidentally" involved.  Incidental involvement would be a bar that has a slot machine, Primary involvement would be a casino or other type of gambling operation.  Email us if you need further clarification regarding your own business plans. 

YES    If the Proceeds of the Loan are to be used to pay off Debts the Debt Payoff must clearly show a Benefit to the Business such as a lower monthly payment, lower interest rate or some other clear benefit to the company  Further Clarification:  A SBA Loan can be used to payoff debts but it must be in relation to a benefit to the business such as increasing cash flow or any other benefit.
 

If you can check "Yes" to all of the above You Might Be Eligible for a SBA Loan!





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