What Is the Easiest SBA Loan to Get?

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Qualifying for SBA Loans

  • The easiest SBA loan to get approved is a 7(a) loan. SBA 7(a) loans offer flexible terms for various business needs like start-up costs, debt refinancing, or expansion.
  • SBA microloans between $500 to $50,000 are easier to qualify for than other SBA loans. These are managed by nonprofit lenders who follow SBA guidance on qualifications.

Applying for SBA Loans

  • SBA loans are requested through a bank or credit union.
  • The SBA guarantees private lender financing to fit small business needs like start-up costs, operating capital, expansions, and equipment purchases.

Loan Approval Factors

  • Having a solid business plan and financial projections increases SBA loan approval chances.
  • Personal credit history plays a big role in loan approval.

Loan Disqualification

  • You can be disqualified from getting an SBA loan if your business is physically located outside the US or has over 500 employees.
  • If you are delinquent on government debts, you may not qualify for an SBA loan.
  • Operating a business that is not in an SBA-approved industry will also disqualify you from funding.

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