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SBA Loan: Qualifying and Applying

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According to federal government research, small businesses provide about 75% of the net new jobs added to Americas economy. They also employ fully onehalf of Americas private sector workforce. In addition, 99.7% of all employers in the U.S. are small business owners. These statistics make a strong case for the existence of a federal organization dedicated to the promotion and proliferation of small businesses in this country.

In 1953 the United States government established the Small Business Administration (SBA) as a way of assisting entrepreneurs in forming successful small businesses through government guaranteed loans. While the SBA itself doesnt make many small-business loans, its primary function is to guarantee the small-business loans made by private lenders.


Most SBA loans are secured through any one of the SBAs many licensed partners nationwide. Besides establishing lending guidelines for their partners, the SBA also ensures reasonable loan terms by guaranteeing major portions of the loan in the event of a borrower default. Because of the decreased liability provided by the SBA, the lender is able to offer better interest rates and options to businesses in the early stages of development.

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Before we get too excited about the potential benefits of an SBA loan, it may be a good idea to first talk about who can potentially qualify. The size of your company obviously plays a large role in securing an SBA loan; after all, this is about small business.

If you run a manufacturing company, its possible to have up to 1,500 employees working for you and still qualify for an SBA loan. On the other hand, depending on the type of manufacturing you do, it may be more likely that youll be limited to 500 employees in order to qualify for loan consideration.

For some industries, the SBA lender may look at your companys average revenue. For example, if you run a wholesale or retail business, your average annual sales for the past three years cannot exceed $6 million to $29 million, depending on the type of business you own. Construction companies need to fall into the $12 million to $28.5 million range. Basically, if you make too much, youre considered too big to need an SBA loan. Its ......

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