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WHAT DO YOU NEED TO QUALIFY FOR AN SBA LOAN?
- 25% - 30% of the total amount required in cash including the lender’s closing costs
- You must have the cash sources to support your lifestyle (household bills) during the first critical year of operation
- One of the business owners must be the full-time owner/manager
- The full-time owner/manager may draw a first year salary of $2,500 per month (professions such as doctors, dentists, chiropractors, lawyers may have a higher first year salary)
- Your credit score must be 680+. You can check you credit scores on our website
- Lenders prefer that the owners have a secondary income source (e.g. spouse or
other investments.) This represents an alternative source of cash flow to
possibly help your new business
- Lenders are now requiring related business experience in your specific industry or at a minimum, in a related retail/customer service
- You must have a business plan that meets the lender’s requirements
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