How to Apply for an SBA 7(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
- 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.