As with any loan application, your lender will analyze your financials, business history, and plans for use of the proceeds, as well as your ability to repay the loan.
Good credit, cash flow, a solid business plan, a strong balance sheet, profit versus loss, and other factors can all help boost your loan chances. SBA loans also have their own specific eligibility requirements. These vary by loan program, but can include factors such as net worth, operating for-profit, use of proceeds, even your relevant management experience. First Bank SBA will guide you through what’s required in terms of eligibility.