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:
Debt Refinancing / Working Capital
$30,000 – $5 million
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.
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 $5 million SBA 7(a) Debt Refinance or Working Capital Loan from applicable banks working Globelend Capital:
Listed below are the criteria required for eligibility to apply for a $500,000 to $5 million SBA 7(a) Commercial Real Estate Loan from Globelend Capital:
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.
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.