
Credit Elsewhere Change
SBA has listened to the lending community and has rolled back a change to the SBA program that was released earlier this year. When determining credit elsewhere, SBA is again looking at owners with 20% or more equity in the business (previously 10%). This determination does still include owner’s spouses and minor children. In addition to personal liquidity, SBA will also seek confirmation that funding is not available from other non-government sources.
BLP staff will work with you on your project to ensure this requirement is documented to meet SBA requirements.
Contact Us with your business financing needs
Thomas Van Gent
Senior Loan Officer
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