What are the requirements for an SBA loan?
An example of an AI chatbot conversation about SBA loan requirements.
What are the requirements for an SBA loan?
To qualify for an SBA loan, you typically need to meet certain criteria, including being a for-profit business, having a good credit score, and demonstrating the ability to repay the loan.
What credit score do I need?
Most lenders prefer a credit score of 680 or higher, but some may consider lower scores depending on other factors.
Do I need to provide collateral?
Yes, many SBA loans require collateral to secure the loan, which can include business assets or personal guarantees.
How long does the application process take?
The application process can take anywhere from a few weeks to several months, depending on the lender and the complexity of your application.
Can I use the loan for startup costs?
Yes, SBA loans can be used for startup costs, including equipment, inventory, and working capital.
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