To borrow, a business must have $75,000 or more in annual sales. The business owner who completes the application must:
- Own 20% or more of the business
- Have owned the business for the last two years
- Be authorized to borrow on behalf of the business
- Be a US citizen or permanent resident, or be in the United States on valid long term visa
- Be at least 18 years old
To qualify for a loan, a number of factors are considered including, but not limited to business financials and cash flow, business and guarantor credit profiles, and other information. At this time applications from businesses in IA, ID, ME, ND and NE cannot be accepted.