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Assumptions: (These situations are rare and do not apply to most applicants and most of the time there is a solution to them and our SBA Consultants and Accountants will help you to resolve any problems that might effect eligibility) Applicant is of Good Character and not Currently Incarcerated, on Parole, or on Probation for Serious Criminal Convictions. Exceptions: Past criminal convictions do not make one ineligible. This is related to current status only; Business will initially or currently has UNDER 500 Employees if a Manufacturing Business, and UNDER 100 Employees if a Wholesale Business. Exceptions: This does not relate to future plans, only current number of employees at the present time if any; Business will be or is Independently Owned and Operated and Not a Dominant Monopoly in its Field. Exceptions: This means business is "not dominant in it's field" as a monopoly, a government owned agency or a giant corporation such as Ford Motor Company, IBM or Microsoft; Business will be initially or is currently Annually Grossing UNDER $29 Million Dollars for a Service or Retail Type Business, UNDER $12 Millions Dollars for a Construction Type Business, and UNDER $9 Million Dollars for an Agricultural Type Business. (Note: for existing businesses sales figures are Based on the Average Annual Sales over the previous three years) Exceptions: This does not relate to future plans but current actual figures at present time; Applicant or Business is Current or Paid Off on any PAST SBA Loans IF any were ever issued in the past (Note: Only Applicable if Applicant or Business has or has previously had an SBA Loan) Exceptions: If there was an SBA Loan previously then it is not a problem if it is not currently in default or has already been settled previously in some way; Business is an Eligible type of business. Businesses that are NOT ELIGIBLE are as outlined, unless an exception noted below fits: A Business is not Eligible if it is "Primarily" a "Speculative Investments" Business, "Risky" Real Estate Investment Business, "Pyramid Sales Scheme", "Primarily" involved in Lending Activities, "Primarily" involved in "Passive" Investments of any kind or "Primarily" engaged in Gambling or Pornography. Exceptions: There is a lot of flexibility for all of these Items in this category. Business Real Estate Loans (Buildings, Property and Land) are Eligible and not a problem and Real Estate Businesses or Rental Property Type Businesses "primarily" engaged in other "Non-Passive" operations as well as handling of rentals are still eligible. The key words are "Risky", "Passive", "Investment" or "Speculative" in relation to Real Estate type businesses. Investment firms are still eligible as long as the loan proceeds are not being used for "Speculative Investments". A Loan Brokerage firm or Pawn Shop is still eligible. Other Loan Companies can also be eligible. The key point is that the Loan Proceeds will not be used for loan funds, but instead used to develop or start your business. If your business is involved in gambling, the key point is whether it is "Primarily" involved or only "Incidentally" involved. An example of Incidental involvement would be a store, restaurant or other enterprise that has slot machines or some gambling machines on their property. Primary involvement would be a casino or other type of gambling operation. Incidental involvement is still eligible. Nude Art is not considered Pornography, nor are businesses that employ Dancers. A Multi-Level-Marketing or Network Marketing type of business is not considered a "Pyramid Sales Scheme" type of business and is still eligible if is pursued as an actual active type of business. Request a phone consultation with one of our SBA Consultants or Just fill out the form above or just Email us at QuickQuestions [at] BusinessLoanEasy [dot] com if you need further clarification regarding your own business plans. If this item, or any other item on this list or in any of the questions above, is a problem, our program includes instructions to solve the problem so that your business or business plans will be then eligible.
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