Tennessee Small Business Administration Loan Application Form and Checklist
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FAQ
Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose.
In general, SBA loans are not as difficult to get as business bank loans. Because they're backed by the U.S. government, they're less risky for banks than issuing their own loans.
The SBA Checklist Borrower Information Form. Personal Background and Financial Statement. Business Financial Statements. Business Certificate/License. Loan Application History. Income Tax Returns. Resumes. Business Overview and History.
While there's no official required SBA loan credit score from the Small Business Administration, lenders will often set minimum personal and business credit score requirements for SBA loan applicants. An SBSS of 140 to 160+ or a personal score of 620 to 640+ are commonly needed to qualify.
In most cases, SBA loans require at least one owner or stakeholder to sign an unlimited personal guarantee on their loan. However, lenders may ask that other individuals involved in the company's ownership or who have an important say in the business's operations sign a personal guarantee as well.
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.
