As of March 18, 2024, the U.S. Small Business Administration has permanently adopted the Alternative Size Standard for 504 and 7(a) loan programs. This means more companies can now benefit from these valuable loan programs. Key updated eligibility criteria:
- Tangible Net Worth: Increased from $15 million to not more than $20 million
- Average Net Income after Federal Income Taxes: Increased from $5 million to not more than $6.5 million
These figures are calculated using the preceding two full fiscal years before the date of application for the applicant and its affiliates. This expansion opens up significant opportunities for midsized companies to secure funding for growth, expansion, and other strategic initiatives.
About Us:
At SBA Wallet, we specialize in connecting business owners with professional SBA loan lenders. Our expertise can help you navigate these updated standards and secure the funding your business needs to thrive. Whether you’re looking to expand operations, invest in new equipment, or refinance existing debt, these changes to the SBA 504 and 7(a) loan programs can provide the financial support you need.
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