HOW TO OBTAIN AN SBA LOAN (Part 2 of 3)

SBA Definition:   Who is qualified for an SBA Loan 

A person who wants to borrow from a lender who finances SBA Loans needs to have these qualifications:

Foreign National: 

  

Borrowers need to be citizens of the United States or have a green card.

Criminal Record:

                                   

Felons are not qualified.  It does not matter how long ago the conviction occurred.  When a

background check finds a felony conviction, the applicant is disqualified. Misdemeanors are on a case-by-case basis as reviewed by an underwriter.

Experience:             

Borrowers must have at least one year of experience as an owner or manager in the industry of the business.  A resume may be required to prove this experience.

Experience in a different industry can sometimes be transferred on a case-by-case basis.  But, just because you were the president of a landscaping     Company does not mean you are qualified to apply for a loan as the owner of a restaurant. 

                                Education is never itself qualification for the experience required to qualify for a loan. Bringing in a Co-Borrower with the required experience is an option.  See Co-Borrower.

Joel Soforenko is an industry veteran having extensive experience with SBA 7(a), SBA 504 and USDA loans.  He has assisted borrowers as a loan originator, processor, underwriter and Manager of the SBA Department of a major origination platform. Joel is now the CEO of Continental Finance Capital Corp and can be reached at (617) 336-3215 x 5 or joel@continental.finance.