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SBA Loan Requirements

​Discover the types of businesses that qualify for an SBA Loan.

Only takes 5 minutes and doesn't impact your credit score

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SBA Loan Requirements

Numerous small businesses across various industries can successfully apply for an SBA 7(a) loan. Instead of specifying eligible businesses, the Small Business Administration outlines industries that are excluded.

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Excluded businesses:

  • Gambling

  • Life insurance

  • Religious teachings

  • Primarily political and lobbying activities

  • Oil wildcatting 

  • Mining

  • Mortgage servicing

  • Real estate development

  • Bail bond

  • Pawn and private clubs

 

For a detailed list of ineligible businesses, visit the SBA's website to learn more

SBA eligibility requirements

If your business does not fall under one of the excluded categories, the next step is to meet the following common eligibility requirements for an SBA loan from banks in the Indymae network.

$30,000 to $500,000 SBA 7(a) Working Capital or Debt Refinance

  • Time in business must be more than 2 years

  • The business owner's personal credit must be above 650

  • Business must be a U.S. based business and owned by a U.S. citizen or lawful permanent resident alien who is at least 21 years of age

  • No outstanding tax liens

  • No bankruptcies in the past 3 years

  • No recent charge-offs or settlements

  • Up to date on government loans

 

Businesses typically approved for an SBA loan from banks in the Indymae lending network have annual revenues ranging from $50,000 to $5 million and employ 1 to 40 individuals. They are often profitable, maintain positive cash flow, and can demonstrate their ability to make monthly loan payments.

SBA 7(a) Loan - Use of Proceeds

Utilize the funds from an SBA 7(a) loan for various purposes based on the amount borrowed, including debt refinancing, working capital, hiring, inventory, marketing, or commercial real estate acquisition.

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For Debt Refinancing/Working Capital from $30,000 to $500,000, these loans can cover operational expenses, marketing, hiring, new equipment purchases, and refinancing existing business debt not secured by real estate (e.g., cash advances, business loans, and equipment leases), subject to the original use of proceeds.

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If you currently don't meet the requirements for an SBA loan, consider Bank Term loan options through banks in the Indymae network. We assist you in finding the right financing solution for your business.

Learn more about SBA loans

Start Here and learn more about SBA loans and how they will help your small business

Learn SBA loan guidelines and the approval process for a faster application turnaround.​

Explore the present interest rates, their mechanisms, and additional fees and expenses linked to SBA loans.​

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