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Your business will have to meet the small business size standard for its industry; depending on the loan type, there may be caps on the number of employees, net worth and income. That said, the ...
In the United States, the Small Business Administration establishes small business size standards on an industry-by-industry basis but generally specifies a small business as having fewer than 500 employees for manufacturing businesses and less than $7.5 million in annual receipts for most non-manufacturing businesses.
Be a for-profit business. Match the SBA small business size standards. Be reasonably able to repay the loan. ... For example, the SBA will review an application for a Standard 7(a) loan within ...
The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
The firm must be a small business based on the North American Industry Classification System (NAICS) [2] for size standards. The business must be at least 51% owned and controlled by U.S. citizens, or a Community Development Corporation, an agricultural cooperative, or an Indian tribe (including Alaska Native Corporations). [3]
Your small business must meet SBA size standards, which includes being under a certain annual revenue or number of employees, depending on your industry.
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