Stay updated, sign up for our free newsletter to receive useful tips
Full Name Email Id
Eligibility for SBA loans
To qualify for SBA business loans, applicants' experience, credit, reliability and character rather than assets become important. Other points are
Rate this Article
Excellent
Good
Average
Bad
Terrible
Current Rating
Yours must be a for profit company
Must be an independently owned company
There is a cap on employee number
Up to 100 employees for wholesaling
For service and manufacturing, it varies as per industry
Must be occupying 60% of your real estate.
Must occupy at least 51% of real estate you are going to buy out of loan proceeds.
Requirements for the SBA loans
The documentation requirement
Business profile - Describe your business with particulars of ownership, turn over, employees and years in business.
Loan request - Explain how is the loan planned to be used, amount needed etc.
Collateral
Financial statements for three previous years
Personal financial statements of members holding above 20% stake
Income statement indicating profits and other key parameters
Past three years' balance sheets
Cash flow statement and account receivable and payable giving details for stages of 30 days for 90 days
Online SBA loans
SBA offers online counseling assistance to small businesses including veterans' business on all matters of finance, business management and loan. Hosts of online counseling are experts in various small business aspects.
SBA means many things to many entrepreneurs. You need them not for loans but all seasons and reasons of your business.
Bookmark
this Page 
Email
this to your Friend 
Add
this page to del.icio.us
Excellent
Good
Average
Bad
Terrible
Suggest an Article
