● BUSINESS FUNDING
SBA loan requirements
SBA loans usually need a for profit US business, good personal credit, proof you can repay (revenue or a solid plan), and that you invest some of your own money. Exact requirements depend on the lender and loan type.
Common requirements
- US based, for profit small business
- Good personal credit, with many lenders looking for 680 or higher
- Revenue or a strong business plan showing you can repay
- Some of your own money in the deal
- Tax returns, bank statements and financial statements
Main SBA loan types
| Loan | Best for |
|---|---|
| 7(a) | General use, the most common |
| 504 | Real estate and big equipment |
| Microloan | Small amounts for newer businesses |
Not there yet?
If your credit is the problem, fix that first. It is the one requirement you can change in months.
Questions people ask
What credit score do I need for an SBA loan?
The SBA has no single minimum, but many lenders want 680 or higher.
Can a startup get an SBA loan?
It is harder without revenue. SBA microloans are often the best fit.
How long does SBA loan approval take?
Often several weeks to a few months.
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For information only, not financial or legal advice. Results vary and approval is never promised.