The new combined Pre-Qualification Pilot Loan Program was developed primarily to address the following markets, identified by SBA as underserved, via traditional lending programs: women, veterans and minority-owned businesses, as well as exporters, rural markets and certain designated geographical areas and industries.
The Pre-Qual concept revolves around intermediaries who help market the SBA’s loan programs and assist prospective borrowers in assembling a viable loan application package.
To be eligible, a prospective business must be 51 percent or more owned by veterans, women and/or minorities. Export-eligible loans are those made with the intention of significantly expanding existing export markets or developing new export markets. With respect to rural markets, and other specially designated geographical areas or industries, contact your local SBA office for specific requirements.
The maximum loan amount under this program is $250,000. If a borrower currently has an SBA loan and the combined loans required as a result of this program are more than $250,000, the request is to be processed through the regular guaranty program.
The Pre-Qualification Loan Program is a 7(a) loan program. Therefore all other terms, conditions and requirements of the 7(a) program apply as prescribed by SBA’s policies and regulations
Terms, Interest Rates And Fees:
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