SBA Loans Limitations Based on Criminal History

Can I apply for an SBA Loan if I have a criminal history?

What will disqualify me from applying for an SBA loan?

When it comes to criminal history, the following will disqualify a company and make it ineligible for SBA assistance.

If an owner of the company (who owns 20% or more) answers YES to any of the following questions taken from the SBA application, then the company is NOT eligible to apply for SBA assistance:

• Are you currently incarcerated?
• Have you been adjudicated for a felony in the preceding 5 years? This includes
• Felony conviction;
• Plea of guilty to a felony offense;
• Plea of nolo contendere (no contest) to a felony;
• Participating in a pre-trial diversion program for a felony offense;
• Probation or Deferred Adjudication for a felony offense.
• Are you currently on probation for a felony or a misdemeanor?
• Are you currently on parole?
• Are there pending criminal charges against you that have not yet been adjudicated (felony or misdemeanor)?

*NOTE: If a 20% (or more) owner answers YES to any of those questions, then the company will not even be able to complete its application for SBA assistance.

Please be reminded that it is a federal offense to falsify a loan application, so please don’t do that.

Hope this helps

Credit bhwlawfirm.com