You have a small business and your looking to expand, refinance, acquire more capital, ect. You need a small business loan, but you’re not sure if you qualify.
Well first lets decide if you’re actually a small business. According to the U.S. Small Business Administration the following characteristics are those of a small business:
- Organized for profit
- Has a place of business in the U.S.
- Operates within the U.S. making significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor
- Independently owned and operated
- Not dominant in its field on a national basis
In addition to this list, your business must use SBA size standards to be selected as a small business, which depends on your number of employees over the past 12 months and receipts for the past three years.
Once you determined that you are indeed a small business, it’s time to see if you qualify for a small business loan:
- Net worth must not exceed $7.5 million
- Average net income over the last 2 years must not exceed $2.5 million
- Business must be operated for profit and located in the U.S.
- Owners must be U.S. citizens or resident aliens
- 51% or greater percentage occupied by owner operated business
If you fit all these requirements and are looking for a small business loan, Newtek is here to help!
Newtek is the number one non-bank lender in the country. Financing small businesses from $50,000-$10 million. We have lent over half-a-billion dollars to over 800 U.S. based small businesses. Whether you’re expanding, refinancing your existing debt, or acquiring new equipment, Newtek provides financing solutions to help you grow your revenue or improve your cash flow with 25-year amortization schedules.
