A Small Business Administration (SBA) loan is a business loan that's partially guaranteed by the U.S. Small Business Administration (SBA) and issued by participating lenders, usually banks. The SBA sets guidelines for loans and reduces lender risk, which encourages banks to finance businesses they might not otherwise approve.
SBA Loans
Borrower Criteria
| Required | Preferred | |
|---|---|---|
| Time in Business | Startup | 5 Years |
| FICO | 650 | 680+ |
| Monthly Revenues | $5,000 | $21,000 |
| Entity Structure | LLC / Corporate | LLC / Corporate |
Terms
| Amounts | $50,000 to $5,000,000 |
| Term Length | 5 to 10 Years |
| Payment Frequency | Monthly |
| Closing Time Frame | Pre-Approval Within 48 Hours |
| Credit Pull | Soft |
Documentation
| Basic Credit Application |
| Copy of Credit Report |
| SBA Prequal Application |
| Government Issued Photo ID |
| Voided Check or Bank Letter |
| Last Two Years of Filed Tax Returns |
Benefits
| Funding Within 6 Weeks |
| Options With No Prepayment Penalties or Monthly Fees Available |
| Options With No Bank Statements Requirements Available |
Restricted industries include Agriculture or farming, Lobbying activity or political activity, Bail bonds, Mining, Private clubs, Cannabis industry, Mortgage servicing, Real estate development, Gambling, Oil, Wildcatting, Religious teaching, Lending oil exploration, Residential buildings, Life insurance, Pawn shop or vape shops, Nonresidential building construction, Automobile dealers, Apparel, piece goods, and notions merchant wholesalers, Wholesale electronic markets and agents and brokers.
PRE-APPROVAL FORM
*** All files are subject to full underwriting & qualifications specified by each bank. There can be no assurance that any applicant will be approved and that credit will be offered.***
