To qualify, potential borrowers must be of excellent character and integrity, and prove that they have adequate capital and ability to repay the loan. U.S. citizens and permanent residents with green cards are eligible. The intended business must be independently owned and operated for profit.
Many different types of businesses can qualify for SBA loans. Certain size standards, set by the SBA and based on the number of employees or amount of annual receipts (revenues), must be met in order to show that the business is not dominant in its field.
Certain businesses do not meet preliminary SBA qualifications. These include non-profit organizations, speculative businesses, publishing concerns, and businesses involved in gambling. Upon receiving the application's initial documentation, a preliminary response will be given within two (2) days. From complete loan application to funding is approximately 3-4 weeks.
Hanmi Bank SBA Loan Department
Any of our Hanmi Bank SBA Loan Specialists will be glad to provide more information and answer questions regarding eligibility. They'll provide prompt, efficient service, too. Just three days after receiving a customer's initial loan application, one of our Specialists will have a preliminary response ready.
At Hanmi Bank, our SBA Loan programs are just one of the many ways we're helping our customers get started on the road to success. Building for the future. Financing the American dream. That's what Hanmi Bank is all about.