Will a criminal record prevent me from getting an SBA loan or modifying one?
That depends. There are indeed eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been:
(a) a business that caused the government to have incurred a loss related to a prior business debt;
(b) a business owned 20 percent or more by a person associated with a different business that caused the government to have incurred a loss related to a prior business debt; or
(c) a business owned 20 percent or more by a person who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral depravity.
If you are having trouble with your SBA loan and are unsure whether your past or present actions might disqualify you from further participation in SBA programs, call one of the attorneys at the Perliski Law Group for a free initial consultation (214) 446-3934 or use the Contact Us form on our site.