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Why SBA Loans?

Taking out a loan can be overwhelming. At SmartGreen, we make the process clear and easy so you can get back to business.

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What is an SBA Loan?

The Small Business Administration (SBA) provides a guarantee to national lenders for the money they lend to small business owners. Although the SBA does not directly provide loans, the guarantee from the SBA minimizes the lender’s risk of repayment by promising to pay back a portion of the loan if the business owner defaults on the terms. By providing such a guarantee, the SBA allows owners and entrepreneurs who may not qualify for traditional loans the opportunity to fund their business with capital and reasonable terms.

What can I use my loan for?

The SBA program allows for a maximum loan amount of $5,000,000, with an average loan amount of $371,628 in fiscal year 2015. As part of the application process, each applicant must specifically define the use of the loan proceeds, which must comply with the eligible uses listed below.

  • Long-Term Working Capital
  • Short-Term Working Capital
  • Purchase Equipment, Machinery, Furniture, Fixtures, Supplies or Materials
  • Purchase Real Estate, including Land and Buildings
  • Construction of a New Building or Renovation of an Existing Structure
  • Expansion of an Existing Business
  • Acquisition of an Existing Business
  • Refinance Existing Business Debt

*Additional restrictions may apply pursuant to the guidelines identified in the SBA’s Standard Operating Procedures. Contact one of our representatives for additional information.

What do I need to qualify?

Although the SBA guarantee allows lenders to offer reasonable terms to small business owners, there are still requirements for applicants to be approved for funding. For existing businesses, each applicant must satisfy the criteria identified below.

2 years in business

2 years in
business
 

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For-Profit Business

For-Profit
Business
 

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Eligible Proceeds

Eligible Use
of Proceeds

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No criminal background

No criminal
background
 

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US Citizen or Legal Permanent Resident

US Citizen or Legal
Permanent Resident

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US Citizen or Legal Permanent Resident

600+ Personal FICO Score

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US Citizen or Legal Permanent Resident

Business Meets SBA’s Size Standards

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LEGAL DISCLAIMER
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Credit Requirements

  • For all individuals owning 20% or more of business
  • Loans 30-150k Minimum Personal FICO of 600
  • Loans over 150k Minimum Personal FICO of 675 Business Credit Score (LiquidCredit) 150 or greater.

“We’re standing by…

Still have questions? No problem, one of our account executives would be happy to answer all your questions and help you find the right loan for your business. At SmartGreen you’re more than just an applicant, you’re our customer!

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