How to Apply for an SBA 7(a) Loan?

How to Apply for an SBA 7(a) Loan?

The Small Business Administration uses this data to match you—the business borrower—with a lending company with whom you will be able to negotiate a loan.

Some of the SBA loan requirements involve a personal credit score and business credit score that both exceed a certain three-digit number and time-in-business.

The documents you require will vary based on which loan program you apply for. Normal items you will require are as follows.

  • Borrower information form
  • Personal financial statement of the borrower, including credit score
  • Personal history statement
  • Business financial statements concerning projected financial and profit and loss
  • Business certificate or license
  • Ownership and affiliations
  • Loan application history
  • Resume
  • Income tax returns
  • Business Lease
  • Business’s overview and history

For commercial real estate financing, the SBA 7(a) is a viable option for a small business owner. It offers flexibility and reasonable rates. That being said, qualifying for one is often not easy for such people.

See if you Qualify