Please read carefully as the SBA is requiring different ownership percentages based on the business type as follows:
- Sole Proprietor, Self-employed, and Independent Contractors must input 100% of the ownership.
- Non-Profits must list either a director or authorized signer as the 20% owner.
- All other businesses are required to input at least 20% ownership and can only use five owners to get there.
- If there are no 20% or more owners or the five owners’ ownership percentages do not equal 20% or greater, you will need to adjust the ownership percentages to reach the minimum of 20% or the application will not be accepted by the SBA.