This is often because they will want to review some business tax returns during the application process. Many lenders will require for a business to be in operation for at least a year or perhaps even longer to be considered for a business loan. How long do you have to own a business to get a loan? And personal ineligibilities like if you've defaulted on a federal loan before or you have a criminal record including any felonies which can complicate the process of attaining an SBA loan. Some of these include specific industries that are ineligible like gambling, lending, or illegal activities. There is also a list of details that can render a business or person ineligible from receiving an SBA loan. What disqualifies you from getting an SBA loan?Īccording to SBA.gov eligible businesses must operate for profit, operate in the United States or its territories, have equity to invest in the business, and attempt to secure financing through an alternative source first like from a bank.
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