Frequently Asked Questions

Is my business eligible for a SBAC loan?

To be eligible, a business must be operated for-profit and meet SBA’s size standards. Some types of businesses are NOT eligible, such as those engaged in lending, real estate development, investment or speculation, pyramid schemes, gambling, and illegal operations. All loans must be used for sound business purposes. The business must be in our area of operations (See Map). SBAC loan officers will decide which product or combination of products best meets your needs.


How do I know what loan is right for me?

SBAC offers a variety of loan programs that address virtually all small business-financing needs. There are many available loan funds. SBAC lending professionals will assist you in determining which program or combination of programs is best for you.


What documentation do I need to apply for a business loan?

Typically, the following documents are needed to review a loan request:

  • a brief description of the business and how the loan proceeds will be used
  • 3 years tax returns (personal and corporate)
  • a personal financial statement for all owners
  • business financial statements for the past 2 years as well as a current year to date statement (within 90 days)
  • schedule of outstanding debt
  • details of any owner’s equity investment in the business
  • projections for future operations

SBAC will help you through the paper work and placement. We can make it easy.


Will poor credit history disqualify my loan application?

Your credit score is an important part of a successful application. An SBAC professional will review your credit report with you to evaluate any mitigating circumstances associated with derogatory reports.


Are there fees for an SBAC loan?

Some loan programs are “no fee,” others are fee-based. If there are fees associated with your loan, SBAC will disclose all cost prior to funding.


Can I get a grant for my business?

SBAC offers only loans. No  grants are available from SBAC.

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What is a CDFI?

A CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions.