Is your business large enough – or small enough – for an SBA loan? Different industries carry different size standards. Our SBA Specialists can give you more specific guidance for your unique needs, but here are a few basics on the parameters for qualifying for an SBA loan:
A business must meet certain qualifications for loan consideration from the SBA. The SBA defines a small business as one that is independently owned and operated, is not dominant in its field, a for-profit and meets SBA employment or sales standards.
To be eligible for the 7(a) and 504 loan programs a business cannot have a net worth that exceeds $15 million and an average net income of greater than $5 million over the past two years.
All loans subject to credit approval.