2 min read

Who Can Qualify for SBA Loans (Infographic)

Who Can Qualify for SBA Loans (Infographic)

As a preferred SBA lender, National Small Business Week is an important time for me to recognize everything small businesses do for our communities. Whether it’s a one-woman legal consulting business or a 400 employee manufacturer, small businesses play a significant role in our state and national economies. In fact, according to the Small Business Administration, there are 28.8 million small businesses in the United States, accounting for 99.9 percent of all businesses. The percentage is similar in Iowa, where 266,384 small businesses make up 99.3 percent of our state’s businesses.

Despite these large numbers, many businesses owners do not realize the benefits they’re entitled to as a small business – particularly in understanding who can qualify for SBA loans. In general, the small business size defined by the SBA is:

  • For most manufacturing businesses, qualifying companies must have less than 500 employees.
  • For most wholesale businesses, they must have less than 100 employees.
  • For most retail businesses, average gross sales cannot exceed $7 million

Does one of these three definitions match your small business?

infographic with statistics on U.S. small businesses and SBA loans

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 take advantage of an SBA guaranteed loan. In fact, lots of small business owners use SBA guaranteed loans because they can offer more flexibility than conventional financing. With benefits such as longer repayment, lower down payment and flexible repayment options, you can see why major companies such as Apple, Nike, Ben & Jerry’s and Under Armor used SBA guaranteed loans in their infancy.
SBA loans are great for business owners who want to:

  • Buy an existing business.
  • Expand their physical location.
  • Need equipment for their business.
  • Have longer or flexible repayment terms or lower 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?

Next steps:

  1. Learn more about SBA lending in my article Nine Myths about SBA Loans
  2. View our other Business article.
  3. Contact me to discuss how this type of loan can help your business.
Chad Solberg

Chad Solberg

VP, Business Banking Manager (515) 245-2409 Email Chad

Chad Solberg joined Bankers Trust Company in May 2013 bringing 15 years of banking and finance experience. He currently serves as VP, Business Banking Manager overseeing a team of dedicated business bankers. Prior to joining Bankers Trust, he most recently spent nine years with Wells Fargo as a lender in business banking. Chad was also an examiner with the Federal Reserve Bank of Chicago for three years. Chad attended Iowa State University and received a Bachelor of Science in Family Resource Management and Consumer Sciences. He volunteers his time on non-profit boards which has included Arthritis Foundation of Iowa and is currently in his second three-year term with American Red Cross of Central Iowa. Chad is a native of Iowa and enjoys golf, basketball, boating, snowboarding and Iowa State athletics. Chad resides in Waukee and has two daughters. He is very involved with their activities and sports.

Have the Education Center delivered right to your inbox

Subscribe to the Education Center to stay up-to-date with the latest Education Center posts on the topics that matter to you.

Form Illustration

    Select which topics you are interested in, and we’ll send new posts directly to your email inbox: *