SBA 7a - Can your spouse get thier own loan if you are maxed out

searcher profile

April 18, 2022

by a searcher in Long Beach, CA, USA

Hello,

My wife is also looking at acquiring her own business. My question is in regards to the SBA 7a 5million cap, Is there anything preventing both of us from having that amount available being married. I believe you are limited in regards to an FHA loan when married and I am wondering if it applies with a 7a loan.



Thank you!

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commentor profile
Reply by a lender
from Nova Southeastern University in Fort Lauderdale, FL, USA
The SBA’s lending programs qualify as “Special-Purpose Credit Programs” under the Equal Credit Opportunity Act (ECOA). This regulation stipulates that information pertaining to the Applicant’s marital status, sources of personal income, alimony, child support, and spouse’s financial resources can be obtained and considered in determining program eligibility. Because you are married, you would be treated as "one" and therefore 5,000,000 would be the MAX (not $5,000,000 each). Bruce
commentor profile
Reply by a searcher
from Columbia University in Saratoga, CA, USA
I agree with Bruce, SBA treats related parties as one and that is on the application
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