Which businesses qualify?
Businesses must be operating as a legally registered for-profit company in the United States and have sufficient means of repaying the loan. There are SBA size standards and the need for illustrating the need of the financing that must be met prior to loan approval.
With the SBA Community Advantage (CA) program, both startup businesses and established businesses that are unable to qualify for other funding are eligible -if you have bad credit. However, because it is a government-sponsored program, there are a few industries that are not eligible for loans. Examples of these industries are political activities, religious organizations, and adult entertainment businesses. The SBA’s website has a full list of industries that are ineligible.
To quality, a business must be able to collateralize the loan to the greatest extend as possible to cover the loan amount. If a business is unable to do so, the owner’s personal may be used as collateral.
SBA Loans Aren’t Your Only Option
While the SBA Community Advantage (CA) loans are a great resource, not all businesses can meet the qualifications or get approved. Or, the amount of funding approved may not be sufficient for the needs of the business. In this case, there are other financing options and business development strategies available.
Prestamos has a dedicated team of experienced loan officers and business consultants who can not only guide you through the application process, but help you plan for growth and stability in your business. We have offices located in Arizona and Nevada and are expanding to other regions in the southwest.
If you have additional questions please contact us, or are ready to start an application for an SBA Community Advantage (CA) loan, please click on the “Apply Now” button.