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50 B. Disallowed Costs Agreed to by Management ........................................................................ $3,322,236 C. Dollar Value of Recommendations that Funds Be Put to Better Use Agreed to by Management ........................................................................................................ $683,200 D. Recommendations without a Management Decision at End of Reporting Period .

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7(a) Small For loans $50,000 or less: SBA does not require collateral, except for International Trade loans, which have different requirements.

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.

SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns; preserve free competitive enterprise; and maintain and strengthen the overall economy of our nation.

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.

The minimum credit score required for an SBA loan depends on the type of loan. For SBA Microloans, the minimum credit score is typically between 620-640. For SBA 7(a) loans, the minimum credit score is typically 640, but borrowers may find greater success if they can boost their credit score into the 680+ range.

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.

How long does each loan type take? Loan typeAverage funding timelineSBA 7(a) loan60 to 90 daysSBA Microloan30 to 90 daysSBA 504/CDC loanUp to 6 monthsSBA Express loan5 to 30 days1 more row • May 30, 2023

To be considered creditworthy, the SBA typically requires a credit score of 690 or above and prefers owners over more than 20 percent of the business provide a personal guarantee. Typically, the SBA will require businesses to explore other financing options before pursuing an SBA 7(a) loan.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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