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Read MoreThe Small Business Administration (SBA) is a US-based institution which helps reduce risk to lenders, making it easier for small businesses like yours to get a loan.
Loans backed by the SBA (“SBA loans”) provide many benefits to small businesses, including long repayment options with reasonable interest rates. They also help lenders by guaranteeing a portion of the loan. If the business can’t pay it back, much of the loan can be covered by the SBA. This allows banks and credit unions to offer loans that could otherwise be considered too risky.
Because there are so many benefits to an SBA loan, there are a lot of requirements that must be met by the business (and its owners) in order to qualify for a loan. Documentation of each of these items is very important. Because loans are offered by individual lenders, your bank or credit union may also have additional requirements to qualify. Your financial institution can give you a complete list of specific requirements.
For now, here’s a list of the minimum necessary documentation for any SBA loan.
To Meet the Basic Requirements for SBA Eligibility:
Needed Documentation
The following is a list of the basic documentation required for SBA loans:
For 504/CDC loans, there are a few additional requirements:
Disclaimer
While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
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