Small Business administration Loans (SBA) are a bit more extensive when it comes to qualifications as compared to other business loans, but the government-backed loan is a great financing option for businesses due to their low down payments, long repayments terms, and competitive interest rates. You may qualify for an SBA loan through hard money lenders Florida if you meet the following criteria.
The base requirement is that you are a United States-based for-profit business and registered and operating legally. Nonprofits cannot receive SBA loans, along with life insurance companies, lenders, political or lobbying-related businesses, businesses making income from gambling, and passive income earners like flea markets and shopping malls.
You must not be able to access credit anywhere else, which means a participating lender must be able to document for you that other financing options are not available either due to borrowing history, time in business, and other factors. You will need to show that you have already invested time and money into this business. You may be asked to provide details for this verification, such as hours spent a week working.
Size standards apply. The number of employees will be based on the industry, but a small business can be anywhere from under 100 up to 1,500 employees. Your revenue will also determine the size, ranging from $750,000 to under $38.5 million. Your business net worth must not exceed $15 million in net worth.
Essentially, the SBA wants to ensure that these loans are reserved for small businesses that need assistance. There are also lender-specific requirements to keep in mind. To learn more about qualifications for an SBA loan, please contact Monroe Funding Corp at 954.419.3539.