Wondering if you or your business idea may qualify for an SBA 7(a) loan, but aren’t sure if you should apply? We can help.
The first thing to note is that, while SBA 7(a) loans are partially backed by the Small Business Administration, the SBA does not actually give the loan itself. Individual lenders like our wholly-owned subsidiary, Fund-Ex Solutions Group, are the ones that provide the loans to business owners and entrepreneurs like you.
So, in order to qualify and receive funds, you need to meet the requirements of the SBA program you’re interested in as well as your lender’s criteria. Let’s break it down further.
To be considered eligible for an SBA 7(a) loan, certain requirements must be met:
Examples of business types that may qualify include bakeries, franchises (with restrictions), agricultural companies like farms and fishing vessels (with restrictions), tech start-ups, retail stores, service providers, and more.
Beyond what is required by the SBA to apply for an SBA 7(a) loan, you’ll also have to consider the individual lender’s process, their requirements for approval, and their turnaround time.
For example, compared to other SBA lenders, Fund-Ex Solutions Group provides a streamlined experience. As part of the SBA’s Preferred Lender Program, our wholly-owned subsidiary provides SBA funding to customers with greater speed and flexibility.
Find out more about SBA 7(a) loans by visiting the Fund-Ex Solutions Group website today and speaking to a loan specialist about your eligibility.
And that brings us to our next topic, who should not apply for an SBA 7(a) loan.
While it is possible to apply, the following companies are unlikely to be approved for SBA 7(a) loans:
Now you know who can and who cannot apply for an SBA 7(a) loan. If you have any other questions about your eligibility for our loan solutions, visit the Fund-Ex Solutions Group website here.
No application fees, commitment, or impact on personal credit to estimate your payment.