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Qualifying for an SBA Loan
Is your business large enough – or small enough – for a Small Business Administration 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 a small business 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.
Size Standard Qualifications:
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.
Small Business Characteristic Qualifications:
- Owners with good character and strong management skills
- Business net worth consistent with industry averages
- Ability to repay based on historical cash flow
- Reasonable collateral
Small Business Loan Application Information:
- Personal and business tax returns
- Business financial statements for three past years
- Current business financial statement
- Aging of accounts receivable and payable
- Articles of Incorporation and Bylaws
- Personal tax return from prior three years
- Current personal financial statements from all principals
Applying for a Small Business Loan:
Download your KeyBank SBA Loan Kit
(PDF) that contains the information you’ll need for an efficient loan application process.
Contact your KeyBank SBA Specialist
or your KeyBank Relationship Manager.
All loans subject to credit approval.