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Some of the Important SBA7a Loan Requirements

April 25, 2012 | Comments: 0 | Views: 197

The Small Business Administration has taken steps to make easy the SBA7a loan requirements for borrowers. These steps were taken by the SBA to ease the load on small and medium businesses who want to avail of the 7a loan program.

The SBA is a government agency of the United States of America that is responsible in giving assistance to small businesses all over the country. It supports small businesses from the start of their business application and even after the time they have started their operations. The U.S. government knows that small businesses are a strong source of economic growth for the country and that a large number of U.S. citizens depend on it.

The SBA7a loan program is one of the most popular loan category that the SBA has. It has been tailor fitted for small and medium enterprises in the United States. A small business must first show proof of eligibility before it can be granted the said loan.

What are some of the requirements when applying for an SBA7a loan?

The most important requirement you must pass is the size requirement. The 7a loan program is designed for small to medium businesses and it must be established that your company belongs that specific group. The Small Business Administration has set different standards for specific types of business but in general the criteria they use are: the number of employees a business has and the average yearly sales volume.

Another condition is for the business to be a profit oriented company. Non-profit businesses are not eligible for a SBA7a loan.

The business is also required to operate in the United States. Loan applications to support expansions outside of the country or locations other than a U.S. possession will not be approved. This is also true for businesses that will use the loan for outsourcing business processes.

The type of business is another prerequisite, and it must not be among those that are disallowed businesses types. Most businesses are generally accepted and there are only a few that are not compatible with a 7a loan program. Among those that are not included are businesses that carry out illegal transactions, credit packaging, multilevel marketing, speculative investments, and lending among others.

The business owner must also show proof that there is no other source of funds including personal resources, for it to avail of a 7a loan. The Small Business Administration will only tender financial aid to businesses in which the proprietors or the firm itself does not have the ability to provide the investment or a fraction of it.

Accomplish all the SBA7a loan requirements and get the SBA loan you need from your trusted bank.

Source: EzineArticles
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