The SBA Express Loan and SBA 7(a) Loan have similar requirements for businesses in all states. The requirements are:

• Business must operate for profit
• Must engage in operations within the USA
• Should be in operation for at least 2 years
• Must qualify as a small business according to SBA size standards
• Must be able to prove/show a need for financing
• Business owner must have already financed the business through alternative means
• Must be able to show that funds will be used for sound business purposes
• There can be no delinquencies on previous debts to the government
• Must be officially registered as a for-profit business, and must be operating legally
• As the business owner, you can’t be on parole
• Your business must have fewer than 500 employees, and less than $7.5 million revenue on average each year for the past three years
• Your net income must be under $5 million (after taxes and not counting carry-over losses), and your tangible net worth must be less than $15 million.
• You must show you’re investing your own time and money into the business, having “invested equity.”
• Your business must be physically based in the United States, and you must be doing business with the U.S. and its territories.
• Your small business must be in an SBA-eligible industry (speculative, illegal and non-profit businesses don’t get to play). Learn more about Eligible and Ineligible Industries for SBA 7(a) Loans
• You’ll need to show that you’ve already tried and failed get funds from other financial lenders, fully exhausting non-SBA loan options.
• You’ll need to prove you’ve got a sound business purpose for the loan you’re requesting, and that your intended funds usage is approved by the SBA.
• You’ll need to prove you’re not delinquent on any existing debts to the U.S. government (taxes, student loans).

You can find more information about the SBA Express Loan requirements here and more information about the SBA 7(a) Loan Borrower Qualifications here.

The Small Business Administration (SBA) offers a variety of loan programs to meet the needs of small businesses. Depending on your state, you may be eligible for different types of SBA loans. To find out what types of SBA loans are available in your state, you can visit the SBA's State and Local Loan Programs page. This page provides information on the different types of SBA loans available in each state, as well as contact information for the local SBA office in your area.

The eligibility requirements for SBA loans are the same across all states. To qualify for an SBA loan, your business must be a for-profit organization, must meet current SBA size standards, have a net worth of less than $15 million, earn an average of $5 million or less per year (after taxes, and only for the preceding two years), and cannot be engaged in any sort of passive or speculative activities. Additionally, your business cannot earn 1/3 or more of its income from packaging SBA loans. You can find a full list of eligibility requirements and other important information with the SBA here.

SBA loans offer a number of advantages for businesses in your state. These include:

• Lower interest rates than traditional loans, making them more affordable for businesses.
• Longer repayment terms, allowing businesses to spread out their payments over a longer period of time.
• No collateral required, meaning businesses don't have to put up any assets to secure the loan.
• Flexible terms, allowing businesses to customize the loan to their specific needs.
• No prepayment penalties, allowing businesses to pay off the loan early without incurring any additional costs.

For more information on SBA loans, please visit the SBA website.

The disadvantages of SBA 7(a) loans vary depending on the state. Generally, the disadvantages include lengthy approval times (for standard SBA 7(a) loans), lots of documentation, collateral is often required, certain businesses, including real estate investing, lending, gambling, and speculation are prohibited, high credit scores are typically required (typically 680+), and there may be restrictions on supplemental/additional financing.

For businesses in your state, it is important to research the average loan disbursement amount and the average loan amount per population. For example, according to SBA information from 2010 through Third Quarter 2017, Georgia has an average of $674,860.25, South Carolina has $573,613.10, and Arkansas has $513,496.35. Hawaii has the smallest average loan disbursement amount at $99,906.46, followed by Maine ($148,477.19) and New Hampshire ($152,252.16).

It is also important to research the average business loans made per population. For example, South Carolina is second in average loan disbursements, but 41st in average loan amount per population and 50th in average business loans made per population. New Hampshire is the reverse, with low disbursement amounts, but high number of loans made per population. This may point to SBA 7(a) lenders who are more friendly to very small businesses, like soloprenuers or startups.

It is important to do research before applying for an SBA 7(a) loan in your state. You may find that the market is saturated or the guesses you’ve made from the data don’t play out in real life.