SBA Eligibility
Primary Borrower Eligibility Criteria:
- Loan Amounts from $250,000 to $5,000,000
- In business for 2+ years
- Personal FICO score: 680+
- Purchases require down payment
- Adequate cash flow (cash is king!)
- Tax Returns (business/individual) and Interim Statements required 3 All available collateral required to secure the loan 1:1
- Life Insurance assignment required for single owner entities
Potentially Disqualifying Factors:
- Can not refinance Crossroads debt
- Debt being refinanced must be current
- Bankruptcy requires escalations
- Criminal Record requires escalations
- No Pending Litigation (including divorce)
- No current derogatory credit
- No current or past derogatory debt to the government x No Ground-up Construction
- No Gas Station Financing
- No Lines of Credit (only term loans)
SBA Loan Use of Proceeds:
- Owner Occupied Real Estate – Purchase or Refinance
- Minimum of 10% down payment
- Trailer Refinance
- Useful life of equipment must align with term of loan
- Debt Restructure
- Debt being refinanced must be current
- Business Acquisition
- Minimum of 10% down payment
- Partner Buyout
- Must purchase 100% of the company
- Permanent Working Capital
- Inventory, company expansion
- Purchase Equipment
- Minimum of 10% down payment
SBA Loan Use of Proceeds:
- Multiple use of proceeds
- No Prepayment penalties for loans up to 15 years
- Longer amortization and lower down payment requirements