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Old 21st October 2010, 02:30 PM   #1

Join Date: Oct 2010
Posts: 9
Default Credit Question...

I'm in the military and I plan on trying to go through the SBA for business financing but what makes me hesitant is I only have a credit history of a year and a half. I mean the score is great though and I do have capital as well. I just want to feel confident when I apply and have no worries. Will this hold me back? what you think?

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Old 21st October 2010, 03:06 PM   #2

Join Date: Oct 2010
Location: North Carolina
Posts: 11

The way SBA loans work is you have to find a lender that will advance you the money under an SBA program. SBA doesn't lend directly, except for the disaster relief program. Credit score will be one aspect of the loan evaluation, but if your in the mid to high 600's or better, you should be OK on that. Be aware, there are other qualifications and each lender has somewhat different standards. How much are you looking to borrow? Ask about the Patriot Express program--expedited approval for veterans.

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Old 21st October 2010, 06:23 PM   #3

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I plan on trying to borrow 200k at the most....

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Old 30th December 2010, 01:56 AM   #4

Join Date: Jul 2010
Location: Scottsdale USA
Posts: 17

In order to be eligible for a SBA loan, you must apply and be turned down for a conventional loan by a commercial lender.

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Old 1st January 2011, 08:23 PM   #5

Join Date: Mar 2010
Location: Austin, TX
Posts: 34


If you want to borrow $200k, be prepared to have at least $100k that you can give the bank to hold onto as collateral.

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