fbpx
SBA Loan Requirements
See if your business qualifies for an SBA Loan from Globelend Capital

Up to $5 million

6.25% – 8.50%*

10 – 25 Years

SBA Loan Requirements

Most small businesses fall within a wide range of industries eligible for an SBA 7(a) loan. Instead of enumerating a long list of approved businesses under the Small Business Administration, listed below are excluded or ineligible businesses:

  • Mining
  • Gambling
  • Religious teaching
  • Bail bond
  • Oil wildcatting
  • Life insurance
  • Pawn or private clubs
  • Primary lobbying and political activities
  • Real estate development
  • Mortgage servicing

You can find more information regarding excluded business at the official SBA website.

If your business falls under one of the eligible industries covered, your next move should be geared towards meeting the following criteria to qualify for an SBA loan.

Enumerated below are the criteria required for eligibility to apply for a $30,000 to $350,000 SBA 7(a) Debt Refinance or Working Capital Loan from applicable banks working Globelend Capital:

  • The business must be older than 2 years old
  • The owner of the business must have a credit score of at least 650
  • The business owner must be a lawful citizen of the U.S or must possess a valid Permanent Residency and must not be younger than 21 years old
  • No pending tax issues
  • No foreclosures or bankruptcies in the previous 3 years
  • No recent settlements or charge-offs
  • Not currently financed by a government-related loan

Listed below are the criteria required for eligibility to apply for a $500,000 to $5,000,000 SBA 7(a) Commercial Real Estate Loan from Globelend Capital:

  • The business must be older than 2 years old
  • The owner of the business must have a credit score of at least 675
  • The business must be sited on real estate that is primarily occupied by the business. For instance, more than 51% of the square footage of the property must be used to cite and run the business
  • Adequate personal and business cash flow to fulfill all debt repayments – evidence of this claim must be backed by interim financial data and 3 years of tax returns
  • No defaults on any government-related loans.

Generally, SBA loan-approved businesses that are submitted by Globelend Capital often make anywhere between $50,000 and $5 million in profit annually and have an employee workforce numbering between 1 and 40. Most of these businesses have healthy financial report, are profitable and have positive cash flow. Similarly, they are all capable of fulfilling their monthly loan repayments.

SBA 7(a) Loan – Uses of Proceeds

Usually, you will able to use the money borrowed from an SBA 7(a) loan from Globelend Capital for several purposes, such as hiring, marketing, refinancing high-cost debt, purchasing commercial real estate or inventory.

Debt Refinancing / Working Capital
$30,000 – $350,000

Loans of this size may be drafted for working capital (such as marketing, operational expenses, hiring, etc.), refinancing current business debt nor secured by real estate (such as equipment leases, cash advances, and business loans), and new equipment purchases.

Commercial Real Estate
$500,000 – $5 million

Loans of this size can be used to refinance or purchase commercial real estate where the owner occupies at least 51% of the entire property.

Not eligible for an SBA loan?

If you do not currently meet the criteria for eligibility for an SBA loan, then consider the following loan products: Term Loans, Line of Credit, or Working Capital Loans.

Interested in finding out if you are eligible for an SBA loan before your application? Globelend Capital is your go-to funding specialist to help you unravel how banks set criteria for eligibility and what you can do to secure an SBA loan for your business.

How Much Do You Need?
  • $ 25,000 - $ 50,000
  • $ 50,000 - $ 100,000
  • $ 100,000 - $500,000
  • $ 1 Million and up
Some of our satisfied clients:
Call Now Button