SBA Changes Eligibility Sizes

I am pleased to share with you that the criteria for a small business loan has been expanded to allow businesses that were not eligible for SBA Loans to now be eligible for a short window of time.  Take advantage of this as this will not last forever.

The SBA has temporarily expanded its eligibility requirements for SBA 7(a) loans. Now through September 30, 2010, a business with a tangible net worth of less than $8,500,000 and an average net income after taxes in the last two years not more then $3,000,000 is considered a small business and can apply for an SBA 7(a) loan. Through September 30, 2010, more businesses than ever meet the eligibility requirements for a SBA 7(a) loan. This is especially exciting considering the waiver of the SBA Guaranty Fee which is a potential savings of up to $50,000.

Now more than ever it makes a lot of sense to use the SBA 7(a) loan to finance up to 90% of owner occupied commercial real estate or up to 80% of a business acquisition.

For more information on SBA Loans please visit our site.