Can you get SBA loans with poor credit?

Answer by  sharpe72 (214)

The majority of SBA lenders want a strong business plan that includes your assets, your financial records, your positive cash flow(it should be high) and a letter explaining your poor credit. Incorporate your business, speak to SBA about your credit problems and get some guidance. Prove your business skills.

Answer by  flamiss22 (5081)

It is rather unlikely since your credit score is looked at very carefully as is other criterias. However if the business you intend to open or have is very solid and have a good cash flow perhaps you can get someone who has good credit to apply with you as a co-applicant.

Answer by  mandown (416)

You can get an SBA loan with poor credit but they usually have longer maturities than similar bank loans. That way, your down payment and your interest rates are mostly lower than conventional loans.

Answer by  JonSnow (6)

As far as I'm aware, it can be quite difficult to get SBA loans with a poor credit history. There is quite a bit of work that may have to be done to overcome the negative affect of poor credit.

Answer by  simna (473)

I think your credit score should be high to get a SBA loan easily. They will check your credit rating before approving the loan. In order to get this loan you have to submit your business plan also.

Answer by  slauter6 (27)

It really depends on how you plan to ask and what you are able to offer as collateral. But with bad credit it will be harder to get a good interest rate.

Answer by  SIDDHU (861)

For a person to get any loans credit history has to be good. With poor credit it is very difficult to get a loan. If you have some known person in the bank in the managerial level then he might help you.