Trevor Cole Commercial Corp., Inc., a New York-based business, provides commercial customers around the nation with different types of loans. Through Trevor Cole Commercial Corp., clients can obtain everything from conventional commercial loans and private loans to SBA loans. Backed by the U.S. Small Business Administration, SBA loans provide additional financing to small business owners while offering relatively low interest rates, to meet loan sizes and favorable repayment terms. Following are several criteria needed to qualify for this SBA loan: In general, banks and other SBA lenders will not award you with a loan unless you have been in business for at least two years. Because of this requirement, you may be turned down if you are a startup. In addition, if your business has been rejected for a private loan in the past before applying for an SBA loan, you have a good credit score While lenders may grant you a different type of loan if you have a personal credit score below 600, you may not be able to get an SBA loan. SBA loans usually require good personal credit scores, along with any excellent business credit scores, before they are granted. The federal government defines small businesses based on average annual income, number of employees, and other factors depending on the industry and state you are in. Normally, these numbers are contingent on minimum of $100,000 in annual revenue and no more than 500 employees. While there are exceptions, in most cases your business must meet the above definitions before being considered for an SBA loan.
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AuthorTrevor Cole Commercial Corporation of New York City specializes in procuring funding for large real estate projects, including multifamily properties and office buildings across the nation. Archives
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