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Are you eligible for the 7(a) loan program?

As a small business owner in Georgia, you have some financial hurdles ahead of you. The cost of starting and running a business can be vast and when you first get going, you may not have the money you need to keep you afloat. This is where the 7(a) loan program can come in, but you will need to determine if you are eligible first.

The U.S. Small Business Administration says that generally speaking, you will not see specific business eligibility listed. Instead, you will be able to find the types that are not eligible as well as the universal requirements needed to make the cut. The first things that the SBA will look at is the income of your business, how you make that income, the location of your work and what you are like. Then, it gets into finer details.

First, you must not be in debt with the U.S. government. You also need to prove that you tried other methods of finance before turning to assistance, such as using your own personal money. You must show that you need the loan and prove that you will use it properly. Naturally, your business must be legal and operating in the United States or at least doing business with the United States. You also need to have a small-sized business, and you cannot be a non-profit organization.

If you fit these criterion, you may be eligible to seek aid in the form of the 7(a) loan program. This can help give you the leg up you might need while getting your feet in the water.

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Atlanta, GA 30350

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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