Built for Business

General SBA 7(a) loan eligibility criteria include:

• Must be a for-profit business operating in the U.S.
• Must be a small business, as defined by the SBA
• Must have, as a business owner, invested your own time and money into your business
• Must have sought out other forms of financing before turning to an SBA loan
• Must be able to demonstrate the need for a loan and show the business purpose for which you'll use the funds
• Cannot be delinquent on any existing government loans

Real estate investment firms, religious organizations, and gambling businesses are not eligible for SBA 7(a) loans.

Lenders typically want to see an excellent personal credit score (690 and above), solid annual revenue, and at least two years in business.

For major business purchases like real estate or machinery, SBA 504 loans offer long-term financing (up to 25 years). Loans are typically capped at $5 million, but some projects can qualify for up to $5.5 million.

Funding for each 504 loan comes from three places:

• A Certified Development Company (40%).
• A bank or credit union (50%).
• The loan applicant (10%), under certain circumstances, applicants may need to put down as much as 20%.