Is an SBA Loan Right for You?

Check here to see if your want or need meets their guidelines.

SBA Eligibility Guidelines

Start-ups, businesses undergoing expansions and new business acquisitions are all good candidates for an SBA loan. In general, eligibility is determined by business type, ownership and location of the business operations. The business must also meet SBA size requirements, show solid repayment ability, typically be for-profit, and demonstrate good character and fair business practices.

At OMB, we work hard to help promote small businesses within our communities. It’s rewarding to work alongside small business owners and help them reach their dreams of owning a business.”

Sarah Daniel, OMB Government Guaranty Specialist

Is Your Business Eligible?

Detailed requirements for the SBA's most common loan programs.

7(a) Loan

Operate for profit in the US
Be considered a small business as defined by SBA
Be engaged in, or propose to do business in, the United States or its possessions
Be able to demonstrate a need for a loan
Use the funds for a sound business purpose
Not be delinquent on any existing debt obligations to the U.S. government
Be creditworthy and reasonably assure repayment of the loan

504 Loan

Operate for profit in the US
Be considered a small business as defined by SBA
Have a tangible net worth of less than $15 million
Have an average net income of less than $5 million after federal income taxes for the two years preceding your application
Display qualified management expertise, a feasible business plan, good character and the ability to repay the loan

Microloan

Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.

Keep in mind that some businesses may not qualify for an SBA loan. For more about terms, conditions and eligibility visit the SBA online.