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Other SBA Loan Considerations

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  • If you want to use an SBA-backed loan for a franchise, you need to examine the franchise agreement carefully. If it is very restrictive, so that it’s like working for the franchising company, you may not be able to qualify for an SBA loan.
  • Recreational facilities or clubs must be open to the general public or, if membership is a requirement, it must be open to all groups of people and cannot set a maximum quota for membership for any group.
  • Farms and other agricultural businesses are eligible for SBA-backed loans but should go first to the Farmers Home Administration programs for consideration. The Farmers Home Administration offers financial assistance in rural areas and their key goal is to help the economy in those areas and create jobs. The FmHA also offers some direct loans through the Intermediary Lending Program.
  • Boats for fishing are eligible for SBA-backed loans but financing for vessels larger than 5 tons must first be requested from the National Marine Fisheries Service, part of the Department of Commerce.
  • Medical facilities are eligible. These include hospitals, clinics, emergency outpatient treatment, medical and dental laboratories. Properly licensed convalescent and nursing are also eligible as long as they provide greater services than room and board.
 
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