Do SBA Loans Require a Credit Score Minimum?
SBA loans are funds provided to assist small business owners in their endeavors. Although these are intended to help these owners, there are strict eligibility criteria to fulfill before you can qualify for one. These include a credit score requirement. Out of all the requirements stated by the SBA, sometimes the credit score is the most difficult one to achieve for a business owner.
Minimum SBA Credit Score Required
The Small Business Administration does not set definite credit score minimum limits. However, SBA approved lenders usually have a minimum requirement of credit score to qualify for their loans. Note that out of all the required criteria set by lenders, the credit score minimum is usually one of the most important.
In most cases, the credit score requirement is between 620 and 640. Besides, the required credit score depends on the lender you would be working with, and the SBA loan program you applied for.
Below are some of the usual credit score requirements for various SBA programs.
- SBA 7(a) Loans: 640+
- SBA Microloans: 620-640+
- SBA Export Loans: 660+
- SBA CDC/504 Loans: 680+
- SBA 7(a) Express Loans: 640+
- SBA CAPLines Program: 660+