It is a type of loan that's usually given out to already established businesses. They want to either develop, or need to do a complete office upgrade.
Of course, this doesn't need to be the reason, however they are the most common ones.
For some reason most people believe this is the type of loan you'll get BEFORE you start up your small business. However, they're quite mistaken.
This particular loan does not need a business plan, just a general outline of the last two years revenue, and profit. This would be pretty simple to do as long as you kept good records, and being in business, you need to have at least had an accountant.
If you have not been in business for at least two years, with a good income flow, then it will likely be very hard to get this type of small business loan , and you might be looking at getting a personal one instead.
The reason they take a look at your business and not really you, is because the business is the entity requesting the cash, so they have to base their answer on repay potential within the business it self. This would be like if you went and got a personal loan. They will look at your employment history, and ensure you make enough money to repay the loan.
Now that you have a much better grasp on the truth around a small business administration loan, you would know if you qualify to even apply for this kind of loan. Have you been in business for at least two years? And have a good income flow with excellent profit margins? If this sounds like your own business, then you have the battle half way won already.
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