Evaluate Your Eligibility:
Review the eligibility criteria for SBA 7(a) loans, which typically include factors such as being a small business, operating for profit, and having a good credit history.
- Minimum 2 years in business
- U.S. based business owned by a citizen or lawful permanent.
- Resident who is at least 21 years old FICO of 680 or higher
- Own at over 50% of the business.
- No outstanding tax liens
- No bankruptcies or foreclosures in the past 4 years
- No recent charge-offs or settlements Current on government-related loans
- References (Such as trade references, or vendors)
What can a small business use funds on? Eligible SBA 7(a) use of funds:
- General working capital
- Purchasing inventory
- Hiring employees
- Marketing
- Expanding operation
- And more ….
There are several common ineligible uses of proceeds for this program.
- Start-up financing
- House-flipping or real estate development
- Refinancing personal debt
- Construction or remodeling
- Business acquisition
- Floorplan financing
- Delinquent tax payment
The following firms and sectors are not permitted:
- Agriculture or farming
- Lobbying activity or political activity
- Bail bonds
- Mining
- Private clubs
- Cannabis industry
- Mortgage servicing
- Real estate development
- Gambling
- Oil refineries
- Wildcatting
- Religious teaching
- Lending
- Oil exploration
- Residential buildings
- Life insurance
- Pawn shop or vape shops
To fill out prequalification form please click here
