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Ropriately reduced the contractor s debt for the undelivered furniture based solely on un-validated contractor invoices. The vice president of the contractor was also the owner of the subcontractor; therefore, the subcontractor may not have acted independently in repossessing the furniture. Two SBA contracting officers involved in the contract did not follow applicable rules or regulations. They signed documents without full knowledge of what they were approving and made decisions with.

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It can be difficult to get an SBA 7(a) loan if you don't have strong annual revenue, a good credit score (690+) and at least two years in business. SBA 7(a) loan requirements vary from lender to lender, but you'll generally need to meet these criteria to qualify.

In general, you'll need good credit — a personal credit score of 690 or higher — to get an SBA loan. Some lenders, like microlenders or Community Advantage lenders, however, may consider working with businesses with lower credit scores.

Use of loan proceeds 7(a) loans can be used for: Acquiring, refinancing, or improving real estate and/or buildings. Short- and long-term working capital. Refinancing current business debt.

Loans through the U.S. Small Business Administration (SBA) are popular because they offer attractive interest rates and repayment terms. Because they're so popular, only about half (52%) of all SBA loan applications are approved.

1 in 6 Small Business Administration Loans Fail, Study Finds.

SBA Express It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.

Hard to qualify Although the government guarantee reduces the risk that lenders face when issuing loans to small businesses, you'll still need to meet strict eligibility criteria to get an SBA loan. Typically, you'll need several years in business, strong business finances and a good credit history to qualify.

Terms: Loan terms vary ing to the purpose of the loan, generally up to 25 years for real estate or 10 years for other fixed assets and working capital.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232