How to qualify for an SBA 7(a) loan

May 5, 2021

Small Business Administration (SBA) 7(a) Loans are small business loans backed by the United States SBA and provided by SBA 7(a) lenders, like BayFirst.  These loans are popular amongst small business owners in the United States because of their competitive rates, lower down payments, and flexible usage options. 
After the past year of uncertainty and change, you may be looking into where you can take your small business next.
If you’re a small business owner looking for business funds to support working capital, equipment purchase, start-up funding, or more, an SBA 7(a) loan could be perfect for you.  Here are three critical factors BayFirst, a top SBA lender will scale for your next business solution.
  1. 7(a) Loan Program Eligibility
There are a few eligibility requirements to consider before you apply for a small business loan with BayFirst.  Your business must:
  • Operate for profit – Unfortunately, nonprofits will not qualify.
  • Do business in the United States – Or its territories!
  • Have reasonable invested equity – You must be able to show that you are investing your own time and money into your business.
Right Now: Pay No SBA Guarantee Fee and Get Three Months of Payments Made by the SBA!
This promotion is a limited time offer for eligible business owners.  You can save big on your SBA 7a loans with these specials through BayFirst.*
  1. SBA 7(a) Loan Credit Requirements
When applying for a small business loan, your personal and business credit scores both come into consideration.  The SBA doesn’t list a minimum credit score for SBA 7(a) loans, but it is something that is considered in the application process.
There are some businesses that are considered ineligible.  This includes businesses involved in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment or lending, or where the owner is on parole.
  1. SBA 7(a) Loan Application
CreditBench, powered by BayFirst, is a top national SBA lender for loans under $350,000, making us one of the best banks for small businesses. 

Our application process is quick and easy.  Fill out BayFirst’s one-page SBA Application Form along with a detailed breakdown of the intended use of the loan proceeds. BayFirst will require the three most recent tax returns for the borrowing business and any individual owning more than 20% of the business to complete a pre-qualification. The pre-qualification will also require a business debt schedule to measure the strength of the business’s ability to repay outstanding debt. From there, one of BayFirst’s Relationship Specialists will work with you on next steps for your loan application! 

BayFirst invests in technology and local talents to help business owners or those inspired to start a business with the easiest SBA 7(a) loan application, expedited approval, and quick turnaround closing time.
We are here to help you through the 7a loan approval process, and we are here for what’s next! 

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Please fill out the following form if you would like more information on how BayFirst can help take your business to the next level.
*First three payments are limited to $9,000 per borrower per month up to three months. Program is conditional on funds running.



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