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1 Replies Last post: Dec 4, 2008 7:13 AM by NoBullFunding

Owner credit score needed for an SBA loan?

Dec 4, 2008 12:41 AM

soho123 1 posts since
Dec 3, 2008

Is the process very difficult for an SBA? We have been in business for 3 years with growth and are looking for a lower interest loan to pay higher loans from a personal investor. Can SBA guaranteed loans be used for this? 1 owner's credit is not great.

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NoBullFunding 278 posts since
Oct 6, 2008

1. Re: Owner credit score needed for an SBA loan? Dec 4, 2008 8:08 AM

It depends on how bad the credit score is and what caused it to be low. There is not specific number that will qualify or disqualify a borrower. Also, be aware that unless the SBA loan reduces your payment by at least 20%, it won't be eligible for refinance. If there is a balloon payment, it would make it eligible for an SBA loan, so perhaps you could convince the investor to restructure the note to have it balloon.

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ForumsStarting a Business

This Question is Possibly Answered

Owner credit score needed for an SBA loan?

Dec 4, 2008 12:41 AM

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