SBA loan qualification
What do I need to qualify for an SBA loan guaranty?
Every application for an SBA 7 (a) loan guaranty must be received from an SBA approved lender who has approved the transaction, including a credit check, subject to SBA approval.
In order to get a 7(a) loan, an applicant must:
- Satisfy applicable credit factors
- Qualify as a small business
- Be able to repay the loan from business cash flow
- Display good character
- Show management capability
- Have adequate collateral
All owners of 20 percent or more of an applicant company are required to personally guarantee SBA loans.
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