SBA NEWS FLASH — SBA Eliminates Credit Elsewhere Test for those Who Own Less than 20% of the Small Business Applicant
April 5, 2018
By Bob Coleman
Editor, Coleman Report
SBA NEWS FLASH — SBA Eliminates Credit Elsewhere Test for those Who Own Less than 20% of the Small Business Applicant
Effective April 3rd for SBA 7(a) and 504 loans.
SBA is increasing the minimum percentage ownership at which owners are subject to personal liquidity consideration from 10% to 20%. As a reminder, the liquidity of the owner includes the liquid assets of the owner’s spouse and any minor children.