Posts Tagged ‘7(a)’

SBA Details New Alternative Loan Criteria

May 4, 2009

Average  After Tax Income Less Than $3 Million? You May Qualify

Two Methods To Figure Eligibility Now Available

The Small Business Administration today clarified its new guidelines for loan guarantees as they apply to small business such as powersports dealers and manufacturers. The alternate company size standards announced May 1, 2009, apply to motorcycle, ATV, and personal watercraft firms. This updates an earlier post  here with additional information.

The SBA has created a second, more liberal, alternate standard for small businesses that couldn’t qualify for an SBA-backed loan under the original standard.

These are not NEW standards, an SBA spokesman told me, they’re alternative standards designed to expand the program to smaller businesses that have been seriously affected by the current economic downturn.

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SBA Expands Loan Eligibility

May 3, 2009

Company’s Net Worth Less than $8.5 million? You May Qualify
More than 70,000 Additional Businesses May Be Eligible

Powersports dealers and manufacturers may have a new friend in the finance business, based upon word from the Small Business Administration Friday.

The SBA says it’s expanding the criteria for small businesses that may qualify for its largest lending program. The SBA’s announcement specifically notes that more than 70,000 additional firms—including auto and RV dealerships and suppliers— could be eligible as a result of the changes.

Automotive News has reported on its website that the program includes loans up to $2 million.

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