Getting the right SBA Loan For Your Business
Small businesses often struggle to get sufficient financing at a reasonable rate. The Small Business Administration (SBA) works with lenders like Branch Fund to provide a better option. These loans offer better terms compared to what you may otherwise qualify for, along with reduced interest rates. Quickly secure a loan with excellent terms.
Loan Details
These small business loans are offered under the 504 and 7a programs, which come with fixed or variable rates respectively. The term typically can be up to 25 years, and the amount can be up to $5 million. These loans, which are amortized with no ballooning and no penalties for early payment, are secured against collateral, but the government will guarantee a large portion of the loan amount.
Make Your Real Estate Goals Happen
A common use for an SBA loan is to cover the cost of purchasing, renovating, or refinancing real estate. These loans can only be used for owner-occupied or hospitality properties. Here are just a few examples of the types of properties you could use a loan for:
- Single-purpose buildings
- Hotels and motels
- Offices
- Automotive facilities
- Childcare facilities
- Healthcare facilities
- Veterinary practices
- Nonconforming properties
Buying Equipment
Covering the cost of buying new equipment is another common use for a small business loan. Here are some examples of what you could purchase:
- Heavy Equipment
- Vehicles
- Production machinery
- Medical equipment
- Diagnostic tools
- Laundry equipment
Acquiring Another Business
Acquiring a competitor or buying out a business partner could be a great way to use a SBA loan. These loans typically have a 15-year term. You can become prequalified quickly, and we will primarily examine the business’s cash flow and management.
Learn More
We would love to tell you more about SBA loans. Contact us today to request your application and get answers to any questions you may have.