SBA Requirement

What are the Requirements for getting an SBA loan? Well the first requirements that need to be met are those of the individual lenders, and infact the reason for SBA loans is because you don't meet those lenders requirements specifically not having enough collateral or they have other worries about your ability to repay.

The 7(a) is a harder to loan to get, you are required not only to show basic information about your company, but about you character, you history, and your record for financial success. You need to sell yourself to the SBA You also need to fit in the small business category and be a for profit business. Also don't apply if your capable of providing the funds for the project from your own company.

The 7(m) microloan requirements is that it is for less than $35,000, and that the money will not be used for things like real estate or refinancing your debt. There are other requirements for this loan though, which are normally set by the lender.

To get the 504 Loan is simple, all you need to do is prove that you will use the loan for profit and that it falls into the size standards of the SBA, that you net income in the last two years can not have exceed $2.5 million and must not have a net work of $7.5 million dollars.

These requirements are there to A) make sure you don't default on the loan and B) Ensure that you are in fact using this to grow a small business.