How do I qualify for an SBA small business loan?

To qualify for an SBA loan, your business must be a for-profit U.S.-based business of small size (per SBA size standards for your industry), and you must have exhausted or been unable to obtain conventional financing. Basic requirements include a minimum credit score of 650 (many lenders prefer 680+), at least 2 years in business for most programs (startups may qualify under specific programs), demonstrated repayment ability through cash flow, and no outstanding federal tax liens or prior SBA loan defaults. You will also need to provide a personal guarantee and collateral if available. SBA approval involves both the SBA and the participating lender reviewing your application.