SBA Loan With Bad Credit: What You Can Expect

This post was originally published on On Deck

Loans secured by the Small Business Administration (SBA) are highly sought after, but getting approved with a bad credit score can be complicated. While there are more than 33 million small businesses in the United States, only 57,632 SBA 7(a) loans were approved in 2023.

Here are some things you can expect, and what you can do to raise your chances of approval.

Can you get an SBA loan with bad credit?

You may still be able to get approved for an SBA loan with bad credit, but it will depend on the lender. The Small Business Administration (SBA) doesn’t set a minimum credit score requirement, but individual lenders who offer SBA loans often do.

While it’s often more difficult to get approved for a loan with poor credit, it’s not impossible. Look for alternative lenders who match your needs and put more of an emphasis on things like annual revenue and time in business as opposed to the small business owner’s credit score.

What are the eligibility requirements to get approved for an SBA loan?

The 7(a) loan program is the SBA’s main small business loan program. To be eligible, you’ll typically need to meet certain criteria such as:

Read the rest of this post, which was originally published on On Deck.

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