To be eligible for this loan, here are the main requirements.
- The applicant must be U.S. citizens or permanent residents.
- The applicant must hold a majority of the ownership of a company with net income less than $2.5 million.
- Net worth of the company must be $7.5 million or less.
What You Should Know:
A lot of people never look at the SBA Loan, because they think that there are tons of paperwork involved. It might be true a few years ago. Today, SBA loan is just easy as any other commercial loan. In many cases, the loans can be done in 60 days.
Even if you have imperfect history, you may still be eligible to the loan. If you claimed bankruptcy more than 7 years ago, your bankruptcy will not count against you. Although the loan process may take longer for applicant with misdemeanors and felonies, the SBA is also allowed to approve.
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