Am I Eligible for an SBA 7(a) Loan?

Most small businesses qualify under the following conditions:

  • Business must be organized for profit
  • Business must be located and operated in the U.S.
  • Business must be owned by U.S. Citizen or Legal Permanent Resident
  • Business must identify as being “small”
    • Tangible Net Worth not in excess of $15MM;
    • Average net income after Federal income taxes for the preceding two completed fiscal years not in excess of $5MM;

Some non-eligible businesses include:

  • Non-profit organizations (For profit subsidiaries are eligible)
  • Lending institutions
  • Investment/Passive Income businesses
  • Life Insurance Companies
  • Located in a Foreign Country
  • Private Clubs
  • Default history on a federal loan

What documents will I need to prepare to prequalify?

  • Loan Application
  • Personal Financial Statement –for all 20% or more owners
  • Last 3 years Personal Tax Returns –for all 20% or more owners
  • Last 3 years Business Tax Returns
  • Interim Business Financials Statements (Profit & Loss and Balance Sheet) within 30 days of application
  • Business Debt Schedule

*Note: Additional documents may be requested during initial review

If you think you can qualify for an SBA loan ($150,000 to $5,000,000) and meet the above criteria, you can apply today by: