There are a couple of very basic requirements that a potential business owner has to meet in order to be eligible for an SBA loan. You have to:
- show you need the loan, and
- show that a lender will not provide you with a loan unless they can get an SBA guarantee for it.
In order to establish a lender needs an SBA guarantee to provide your loan, the lender has to determine that:
- you’re unable to obtain a loan on reasonable terms without a federal government guarantee, and
- you can’t qualify for a loan because of your limited business or personal resources.
In your case a lender has already offered you a conventional, non-SBA guaranteed loan. So by definition at least one lender does not need an SBA guarantee to provide you with a loan. This means you aren’t eligible for an SBA loan. Sorry.