Frequently Asked Questions
In general, to be eligible borrower for an SBA 7(a) loan, you must meet the following requirements:
- For-profit, non-publicly traded businesses
- Tangible business net worth (including affiliates) not to exceed $15 million
- Average net income of the business not to exceed $5 million over the previous two years
- Ownership must generally be comprised of 51% U.S. citizens or Legal Permanent Residents (some exceptions apply)
- Proceeds must directly benefit the small business
These are just some of the eligible uses of an SBA 7(a) loan:
- Business acquisitions
- Commercial real estate purchases, renovations, ground-up construction and refinances
- Equipment purchases (FF&E) or refinances
- Business debt refinances
- Existing business or franchise purchases
- Leasehold improvements
- Working capital/inventory
- Partner buyouts
- Startup projects
Fountainhead takes pride in providing the highest level of customer service in the business and often times can provide you with an answer as to how we can help you within 24 hours.
We have a streamlined application process and only requires you to provide us with eight (8) basic documents and a few financial documents in order to determine how our team of specialists can assist you.
Traditional lenders have restrictions (geographical area, industry concentrations, lending limits) that we do not. They also have other areas of focus: deposit growth, fee income target goals and so on. We do not. We only focus on small business lending, specifically 7(a) loans. This is all Fountainhead SBF does. Because of this, we can respond faster than any bank. We also have a deep knowledge of the SBA program, which means we will be able to lead you through the process quickly.