What are the basic requirements for an SBA loan?
SBA loans connect small business owners with the right lender.
In the first place, businesses that qualify for a Lendinero SBA loan must generate $240,000 to $5 million in annual revenue. In truth, SBA loans connect small businesses with lenders and Lendinero will help you find the appropriate lender for you.
In this case, you must demonstrate that your small business can afford to make the SBA small business monthly loan payments.
In view of, working capital or debt Consolidation Loans range from $30,000 to $350,000
•Minimum 2 years in business
•U.S. based business owned by US citizen or Lawful Permanent Resident who is at least 21 years old
•Good personal credit score of 600 or higher
•No outstanding tax liens with the IRS
•No bankruptcies & foreclosures in the past 3 years
•No recent charge-offs or settlements
•Current on government-related loans
To point out, Commercial Real Estate Loans can range from $350,000 to $5,000,000
•The real estate must be majority owner-occupied. This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.
•Time in Business: 3+ Years (if you have been in business for less than 3 years; we have other options for you).
•Business owners must have personal credit scores above 675
•Cash Flow: Sufficient business cash flow to service all debt payments demonstrated by 3 years of tax returns and interim financial data (profit to loss and balance sheet)
•SBA Specific Requirements: No delinquencies and/or default on government loans