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SBA 7(a) Loan Application Checklist - Wakarusa Valley Development

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The document is a checklist for the SBA 7(a) Loan Application, outlining the required personal and business information documents needed to complete the application process. It includes forms such as the Personal History Statement and Personal Financial Statement for principals, tax returns, business plans, financial statements, and other relevant documentation.

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What credit score do you need for SBA 7a?

The most common reasons SBA loans are denied are poor credit, too much-existing debt, or insufficient collateral. Other reasons include: Prior bankruptcy. Negative taxable income.

What is the minimum credit score for SBA 7a?

The minimum credit score required for the SBA 7(a) business loan is 650. The 7(a) loan is the most in demand SBA loan program to date. It guarantees small business owners up to $750,000 of working capital from their local 7(a) lender, with a partial guarantee from the Small Business Administration.

How hard is it to get approved for SBA 7a loan?

It can be difficult to get an SBA 7(a) loan if you dont have strong annual revenue, a good credit score (690+) and at least two years in business.

What documents are needed for SBA 7a loan?

To apply for an SBA 7a loan, you will need to provide Personal Tax Returns, an Image of Drivers License or Government-issued ID, a Personal Financial Statement or SBA Form 413, Agreement to purchase the business, Letter of Intent to buy the business, Business tax returns from the past three years, Outstanding business

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