During the SBA 7(a) application process, our in-house team will determine your eligibility for the loan as well as the dollar amount that your business can reasonably take on. This is based off of the bank’s underwriting model, giving us a close representation of how likely you are to qualify for this loan.
To determine your eligibility for a 7(a) loan, a Fundera loan specialist will typically ask for the following:
- 6 months of business bank statements
- 2 years of business tax returns
- 2 Years of personal tax returns (for all owners with more than 20% ownership)
- Year to date business debt schedule
- Year to date profit and loss statement
If you are deemed eligible and choose to move forward with your loan you may be required to complete additional documents or questionnaires.