Who is Eligible for SBA Loans (Infographic)

Whether it’s a one-person legal consulting business or a 100-employee wholesaler, small businesses play a significant role in our state and national economies. In fact, according to the Small Business Administration, there are 33.2 million small businesses in the United States, accounting for 99.9 percent of all businesses. The percentage is similar in Arizona, Iowa and Nebraska, where small businesses make up 99+ percent of these state’s businesses. 

Despite these large numbers, many business owners do not realize the benefits they have access to as a small business – particularly in understanding who is eligible for SBA loans. In general, the SBA defines small business based on size:

• For most wholesale businesses, they must have less than 100 employees.
• For most retail businesses, average gross sales cannot exceed $7.5 million
• For most manufacturing businesses, qualification is based on industry sub-category employee maximums.

Do you think your business would qualify?

Reasons to Use an SBA Loan

Whether you’re just starting your business or have been operating successfully for years, there are many reasons to apply for an SBA guaranteed loan. In fact, lots of small business owners use SBA guaranteed loans because they may offer more flexibility than conventional financing. SBA loans have benefits such as long repayment, low down payment and flexible repayment options. 
SBA loans are an option for business owners who want to:

• Buy an existing business.
• Expand their physical location.
• Need equipment for their business.
• Have long or flexible repayment terms or a low down payment.
• Increase their inventory or term out stale line of credit balance.
• Build credit for the future.

Consider your business goals for the next year, five years, or even 10 years. Would an SBA guaranteed loan help you reach your objectives?

All loans subject to approval.