Commercial banks and financing companies are getting wary of extending credit to small businesses. This is a direct result of a gloomy economy where the business climate remains uncertain. Because of tightening credit, more and more entrepreneurs are discovering the value of SBA small business loans. You too can take advantage of the government lending program in order to jumpstart a business or to further enhance your existing enterprise.
However, getting SBA loans is not a walk in the park. There are lots of requirements that you need to comply and documents to submit. You must also ensure that you are applying for the right loan package to increase your chance of approval. To avail of SBA small business loans, here are the important criteria that you have to meet.