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:

• 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 million 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

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.