For well qualified borrowers, SBA loans are an incredibly affordable financial solution. SBA loans are guaranteed by the government; therefore, eligibility guidelines are narrow. However, for those borrowers who do qualify you can expect low rates, terms up to 25 years, and loan amounts up to $10 Million.
As we mentioned SBA loans are government guaranteed; therefore, guidelines are as follows: strong business credit history, personal credit score of at least 680, must have been operating for at least two years, must not have defaulted any government guaranteed loan or debt including student loans, sba loans, etc.
Basic Required Documents:
SBA loans are notoriously slow, these loans are not processed through our office instead they are processed by the government. SBA loans typically take a number of months to actually fund
Possibly, if the bankruptcy proceeding concluded more than 7 years ago and the credit bureaus are no longer reporting the bankruptcy.
If you are a legal permanent resident, then you may possibly qualify.