Monday, January 30, 2012

SBA Loan Basics- What is a small business?

To be eligible for SBA financial assistance, which is a fancy way of saying to get a SBA loan, your company has to be considered a small business. Remember, SBA means SMALL BUSINESS Administration.

SBA uses what they call a size standard.

Currently the SBA defines a small business as one which has net profit after taxes less than $5 million averaged over the last three years and a BUSINESS net worth less than $15 million.

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