Eligibility Requirements

These are the eligibility requirements to apply for a $30,000 to $350,000 SBA 7(a) Working Capital or Debt Refinance Loan through SmartBiz/KEG-Financial, Inc.:

  • Time in business must be above 2 years

  • Business owner’s personal credit score must be above 650

  • The business must be U.S. based and owned by US citizen or Lawful Permanent Resident who is at least 21-years old

  • No outstanding tax liens

  • No bankruptcies or foreclosures in the past 3 years

  • No recent charge-offs or settlements

  • Current on government-related loans

The eligibility requirements to apply for a $500,000 to $5,000,000 SBA 7(a) Commercial Real Estate Loan through SmartBiz/KEG-Financial, Inc. are:

  • Time in business must be above 2 years

  • The business owner’s personal credit score must be above 675

  • The real estate must be majority owner-occupied

    • This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.

  • Sufficient business and personal cash flow to service all debt payments, demonstrated by 3 years of tax returns and interim financial data

  • No delinquencies and/or defaults on government loans

  • If considering our rent replacement option, this requires a loan payment that does not exceed the current monthly lease expense

Typically, businesses approved for an SBA loan through SmartBiz have $50,000 to $5 million in annual revenues and 1 to 40 employees. Most are profitable and cash flow positive. All can provide proof that they are able to make the monthly loan payment.

 

SBA 7(a) Loan - Uses of Proceeds

Depending on the amount you want to borrow, you can use the funds from an SBA 7(a) loan for a variety of purposes like refinancing high-cost debt, hiring, inventory, marketing, or purchasing commercial real estate.

  • $30,000 to $350,000: Loans of this amount can be used for working capital (such as operational expenses, marketing, hiring, etc.), new equipment purchases, and refinancing existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases).

  • $500,000 - $5 million: Loans of this amount can be used for the purchase or refinance of commercial real estate that is 51% owner-occupied.

    © 2013-2019 KEG-Financial, Inc. All  Rights Reserved.

    KEG-Financial Inc

    Office Address:

    15 Perry Street

    Newnan, GA 30265

    Mailing Address:

    1741 Newnan Crossing Blvd. East

    STE O-419

    Newnan, GA 30265

    Phone: 470-766-1515

    Hours: 9:00am-5:00pm Mon.-Fri. Eastern Time Zone

    Proud Partner with Smartbiz Loans