This topic contains 2 replies, has 2 voices, and was last updated by Steve Grelle (SBA Guru) 1 year ago.
Would a felony possession charge with no conviction but agreed adjudication upon completion of probation conditions be an automatic disqualification for a SBA 7a loan? I am currently serving my probation terms.
If the crime was adjudicated then you need to list it on the form but it shouldn’t stop you from getting through the SBA’s approval process. If you have a felony conviction then it may not stop you from begin approved either. You’ll have to submit fingerprints under that scenario from the FBI to determine if your conviction was something that would prohibit the SBA from guaranteeing your loan.
If you are currently on probation they you would not be able to get an SBA loan until your probation is completed. Once completed you would still have to go through an SBA background check with fingerprints. If it is a felony they may or may not approve it. They typically want to see some time since your felony to show that it is not an ongoing issue. I would say that it is not likely possible to get an SBA loan for at least a few years after your probation ends.