SBA Loan Requirements Checklist

Last Updated on January 31, 2018

Landing an SBA loan can prove a tremendous coup for any small business.
Indeed, not only will you gain access to a substantial sum of capital with an SBA loan, you’ll also receive a low interest rate, and enjoy the luxury of a long-term payment plan to go along with it.
Simply put, an SBA loan has the potential to transform your operation.
However, because SBA loans are so dynamic, there’s a healthy amount of competition for them. As such, SBA loan requirements are more stringent than the average business loan.
The good news is, you can give yourself a great chance of securing an SBA loan, just by following this checklist here:

SBA Loan Requirements Checklist

The Importance of Credit in SBA Loan Requirements

Not only is your business credit vital in meeting SBA loan requirements, but your personal credit history will play a factor in your eligibility as well.
So unless you’ve built up your credit over a number of years, it could prove difficult getting an SBA loan.
Fortunately, you can always rejuvenate your credit with hard work and sound financial decisions.

Prepare for Paperwork

This shouldn’t come as a surprise since SBA loan requirements are standardized by the government, but you should ready yourself to hand over a number of important documents in the pursuit of an SBA loan.
In addition to personal information (copies of your driver’s license, birth certificate, etc.) you’ll also be required to produce documentation on your business and its financial viability.
The more prepared you are for this process though, the smoother it will go.

Put Your Best Foot Forward

Preparing to meet SBA loan requirements is a lot like applying for a job; in both scenarios, you need to convince someone that you’re a capable person who has ambitious yet attainable goals.
And in this instance, you’ll need to demonstrate exactly how you plan to achieve those goals.
So before you spend too much time on anything else, make sure that you have a rock-solid business plan, and clearly defined uses budgeted for the SBA loan capital.
It’ll go a long way in helping you land the funding you need.

Play the Long Game

In most instances, preparing to meet SBA loan requirements, and receiving funding for your business is going to take you a while.
You can of course mitigate against your waiting period by being well prepared, but you shouldn’t assume you’re going to have access to a loan within days of applying.
Rather, the best way to go about securing an SBA loan is to have the big picture in mind. SBA loan requirements are designed in a way that discourages impulsive projects; instead, SBA loans act as a catalyst to help your business reach new heights.
Doing your research, developing good credit, and planning ahead will help you acquire this valuable business asset.

SBA Loan Requirements: Do You Qualify? 

If you:

  • Have a FICO score of 685 or more
  • Make annual gross sales of $100K+
  • And have been in business for at least 2 years

Then you will qualify for an SBA loan through National Business Capital & Services.

Ready to Apply for an SBA Loan?

If you do not meet the requirements above, then National Business Capital & Services has a number of financing products and services that specialized in getting you SBA financeable in no time at all. Call us at (877) 482-3008 for more details on these.
SBA loan requirements can prove tricky –– but the payoff could be huge for your company in the end. At National Business Capital & Services, we’ve worked with businesses of all shapes and sizes and can help you secure an SBA loan as soon as 45 days after applying- that’s months faster than you’ll find through any other SBA lender or broker. 
Contact us today and we can get started. And be sure to download our eBook on all the opportunities your business can seize –– with the requisite capital.
SBA loan Requirements

National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Megan Capobianco

Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.

Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.