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What are special considerations for the 7(a) loan program?

As previously mentioned, Georgia entrepreneurs just like you have the option of going for the 7(a) loan program if you need help to get your small business up and running. There are certain requirements you must fill to be eligible and this sets the general baseline, but be aware of the fact that some situations have special considerations.

According to the U.S. Small Business Association, certain types of businesses and individuals may have special considerations applied to them when they are looking into getting a loan to start their business. For example, any agricultural or farming businesses could be eligible for this loan. However, if this is your field of work, it is advised that you look into Farm Service Agency programs first. In regard to fishing vessels, you will need to contact the Marine Fisheries Service instead of relying on a 7(a) loan if your ship weighs over five tons and needs repairs.

Medical facilities may apply, but only if they are privately owned. On the opposite side of that, your club or recreational facility is only eligible if you have open membership. What about people? If you are a legal alien, you can still go for this program. Your status and the degree of risk that you represent will be taken into consideration before you are considered for a loan, however. Likewise, you will not be able to apply if you are on probation or parole.

The 7(a) loan program has the potential to give you a helping hand. Just be sure to go into the application process knowing what sort of considerations may apply to you.

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