Qualifying for SBA Community Advantage Loans
It proved that these factors were important. The SBA gave birth to the Community Advantage loan program to ensure that lenders offered more lower-dollar loans to small startups and businesses. The SBA Community Advantage loan is federally guaranteed and ranges between $50,000 and $250,000. It is managed by community-based lenders who have a history of assisting small businesses.
Qualifying For an SBA Community Advantage Loan
In order to assure an SBA Community Advantage loan, you will have to prove that you are a responsible borrower, and also demonstrate that your business idea is a smart one. The amount of collateral that you have, the size of your balance sheet, and the time you have been in the business would be overlooked when determining eligibility. For these reasons, SBA startup loans under the Community Advantage program offer a great option for startups that serve underserved communities. The overall requirements you will have to meet depend on the individual lender.