Can you Have Multiple SBA Loans?

Yes, it is absolutely possible to have multiple SBA loans at the same time if you qualify and meet the requirements. If your business previously qualified for an SBA loan and you continue to maintain good standing with your current loan, you should face minimal obstacles in getting approved for another one.

To be eligible for another SBA loan, your business needs to demonstrate profitability, the business owner should maintain good credit (minimum 650), and your existing loans must be in good standing – this includes actively repaying any EIDL debt. A single business owner can have multiple SBA loans with a combined limit of $5 million across all SBA programs.

If you received an EIDL during or after the COVID-19 pandemic, securing additional working capital won't be an issue as long as you're current on your EIDL payments and your business can afford to take on additional debt.

Multiple SBA loans offer significant benefits for your business thanks to their low interest rates and extended repayment periods. Terms can stretch up to 25 years with manageable monthly payments. Borrowers typically have lower default rates on SBA loans, allowing you to maintain a healthy financial record.

Now is an ideal time to secure the lowest rates before approval criteria tightens.

How to be eligible for another SBA loan

Applying for a second SBA loan generally means continuing to meet the standard requirements. If you qualified for the first loan, you'll likely qualify for the second, though it's not guaranteed. Consider these key factors to improve your chances:

1. Meet the basic loan requirements

• Business operates in the United States
• The business must be a for-profit venture
• The business must belong to an SBA-approved industry

2. Maintain a good credit score (minimum 650, but higher is better)

3. Stay current on existing loans

4. Demonstrate potential for long-term success

Want to learn more about how multiple SBA loans could benefit your business? Contact us today to explore your options and determine the best path forward for your company's needs.