S-Corp and loss on tax returne
I owned a S-corp and have net losses on the s-corp for the past two years. The first year of the past 3 years there was profit.
I am trying to apply for SBA loan to start a restaurant. Would these losses prevent me from getting a SBA loan.What are my options.
I need about 150k minimum.
Unfortunately, these losses will make it difficult to get an SBA loan. SBA lenders want the business to be profitable and trending in the right direction. If your most recent year was a success then it wouldn’t be as bad for you. If you can show 3-6 months of positive growth with a plan to continue it that the lender believes in then an SBA loan could be an option for you. Otherwise, you’ll likely spend a lot of time trying to attract an SBA lender without much success.