Follow-on SBA loans

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by a searcher from Harvard University - Harvard Business School
in Cambridge, MA, USA

11mos ago

Follow-on SBA loans

Does anyone know the requirements for a follow on SBA loans after the first acquisition? Can it be in any NAICS code and are there any personal requirements to qualify for a follow-on?

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reply by a lender 11mos ago
from University of Missouri in Denver, CO, USA

Shouldn't have any additional issues unless you are at the $5mm cap. Same process and idea. May not take a 3rd on your home though. Reach out if you want to chat ^redacted‌

reply by an intermediary 11mos ago
from Indiana University at Bloomington in Carmel, IN, USA

Thanks ^redacted‌ for the tag. Good points from Brad, my understanding is if it is in the same NAISC code and contiguous to your existing company, then you can qualify for $0 DP. If not contiguous or not identical NAISC code, then the 10% min DP is required. Contiguous can be a little gray. But most bankers wouldn't bank a new owner trying to grow in a nonrelated field, you would need a minimum 2 years and having a good management team. Growth through acquisition is a great way to grow, but it is not an easy thing to do.