If I have poor personal credit history, will that prevent me from getting an SBA loan?
It depends. The credit history of the business owner(s) is one of many factors taken into consideration in the underwriting process. It is an important one, however, as both we and the SBA must be reasonably assured that the loan can be repaid. In the event a low personal credit score results in your loan not being approved this time, your SBA Relationship Specialist often can provide you the steps to take to make the necessary improvements to ensure a positive outcome the next time around.