SBA loans are a popular and effective alternative for small businesses to get the capital they need to achieve their goals. Today we take a closer look at a common question about SBA loans: who qualifies for SBA loans? Keep reading to learn more.
Who Qualifies for SBA Loans?
The vast majority of small businesses may qualify for an SBA loan. According to the SBA, qualifying businesses must meet the following criteria:
- Operate for profit
- Be engaged in, or propose to do business in, the U.S. or its territories
- Have reasonable owner equity to invest
- Use alternative financial resources, including personal assets, before seeking financial assistance
If your business checks all these boxes, then you may qualify for an SBA loan. Contact the experts at Gellyfish Commercial today to find the loan that works for you.
Needless to say, businesses engaged in illegal activities are not eligible for SBA loans. This includes businesses that produce or distribute otherwise legal products that are to be used in connection with an illegal activity.
Other ineligible businesses include:
- Real estate investment firms
- Firms involved in speculative activities
- Dealers of rare coins and stamps
- Companies involved in lending activities (such as banks, finance companies, and factors)
- Gambling activities
- Charitable, religious, or other non-profit institutions
Learning More About SBA Loans
If you are interested in learning more about SBA loans, you’ve come to the right place. These are some previous posts that you may find interesting:
- How do SBA loans work?
- 3 Tips to keep in mind when applying for an SBA loan
- Understanding SBA loans: an essential glossary
- Business loans vs. personal loans: what is the difference?
If you have any questions about SBA loans, don’t hesitate to contact our experts. They will be happy to answer your questions, give you tips, and offer you assistance.
Gellyfish: Certainty of Execution in SBA Loans
Looking for SBA loans in California, or anywhere in the United States? Gellyfish is here to help. We offer financing with the certainty of execution you need to take your business to the next level.
Contact us today by email (email@example.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.