Business with a tangible net worth of less than $15 million and an average net income of less than $5 million over the past two years.
Demonstrating the ability to repay the loan on time based on your business’s cash flow.
Providing collateral and a personal guarantee from the business owner.
Apply for an SBA loan
Once you’ve determined that you meet the basic requirements, you can apply for an SBA loan through an approved lender. The lender will review your application and financials to determine if you qualify.
If approved, you’ll receive funding to purchase or repair your commercial vehicle, and you’ll start making regular payments according to the terms of the loan.
Rewrite the business to fit within the SBA’s size standards by ensuring the company has fewer than 500 employees, meets the revenue threshold set by the SBA, and operates within an eligible industry as outlined by the SBA. This ensures that the business is eligible for SBA loans and other financial assistance programs. The rating system takes into account coverage options, customer experience, customizability, cost, and other factors.
Your creditworthiness and your business’s financials will determine the APR
sentence: Please remember to turn off the lights before leaving the room.
Don’t forget to switch off the lights when you exit the room.