Help me understand SBA loans. What’s the point if you only qualify when you’re wealthy?

Had a meeting with a broker today who gave me a good bit of info on the SBA loan process and options.

After the discussion, the only possible option is to buy an already existing and profitable business as an acquisition utilizing 10% down and aggressive repayment terms. This is nearly impossible to find the appropriate deal without additional outside investment, bridge loans, or seller financing.

To start your own company, you are required to be exceptionally wealthy by modern standards to qualify.

So I’m trying to understand, who is the SBA for? How do people start their own businesses with hardly any money?

Edit for context:

When I say “exceptionally wealthy” I am referring to the start up path of SBA where you are only able to loan on a 1:1 ratio of liquidity with a minimum of 100k. This is not possible for the average person looking to open their first small business.

The 10% down acquisition route, at first glance, seems not so bad. Until you look at what’s for sale. The parameters in which a business qualifies for SBA acquisition loan are very strict.

Business with SBA-approved valuations simply do not exist in the markets I’ve seen. This was stated by the SBA broker as well. You must either get seller financing/standby/outside investment/gift from a family member (my favorite) for the remaining gap in valuation.

In addition to this, you need additional working capital post-acquisition. Payroll, repairs, improvements, etc all still need to be done. Yes, the acquired business will have cashflow on paper, but I think it’s a bad idea to bank on that being there and no issues coming up.