SBA Eligibility Checklist
SBA Eligibility Checklist
General Items
- Check for any disqualifying factors (e.g., bankruptcy, criminal history)
Basic Eligibility Criteria
- Verify business size standards (SBA size standards)
- Confirm that the business is for-profit
- Ensure the business is located in the U.S.
- Check that the business has been operational for at least 2 years (if applicable)
- Review ownership structure to ensure it meets SBA requirements
Business Structure Requirements
- Determine if the business is a sole proprietorship, partnership, LLC, or corporation
- Ensure all owners have a valid Social Security Number or EIN
- Confirm that the business is not involved in illegal activities
Financial Requirements
- Review credit history of the business and owners
- Ensure the business has a reasonable credit score
- Check that the business has sufficient cash flow and revenue
Loan Specific Criteria
- Identify the type of loan needed (7(a), 504, Microloan, etc.)
- Confirm that the loan purpose aligns with SBA eligibility guidelines
- Prepare a detailed business plan if required
Generated from Panda Checklist
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