SBA Loans for Credit Card consolidation

[Jared Crocker]

Does anyone know if you are able to use the SBA to pay off higher interest credit cards?  Seems like a dumb question but i do not know the answer. Any help would be greatly appreciated.

[David H.]

@Jared Crocker

Hi Jared,

As an SBA professional I can hopefully shed some light on this.

Technically you can refinance credit cards under the following general circumstances:

1. Be an eligible small business (rental properties don’t qualify for this program, contractors however do)

2. The credit card ideally is in your businesses name

3. Must certify that all balances to be refinanced were used for exclusively business related purposes. No dentist appointment, seen that a lot lol

4. If the CC is in your personal name, see previous requirement for line 3 and... all payments being refinanced greater than $250 you must provide a receipt for

5. Must provide copy of your credit card statements

6. Cannot refinance any debt already paid for, cannot refinance any debt used for personal reasons (repeating this because it is so crucial)

Hope that helps!