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To qualify for a 7(a) loan, applicants must meet several criteria set by the SBA. Key requirements include having a good credit score, generally around 650 or higher, though this can vary by lender. Applicants must be U.S. citizens and should not have defaulted on any government loans, such as student or FHA loans, where the government incurred a loss. Additionally, individuals under probation or parole are ineligible. Some lenders may also consider bankruptcy histories in their decisions. Loan amount limitations depend on individual lenders.