Is It Time To Get an SBA Loan for Your Business?

The small business loan option remains the most sought-after source of capital for business owners. The interest rates and terms tend to be more favorable and there are fewer requirements to meet as a small business. We look forward to helping your business get the financial capital it needs.

What the Loan Covers

When you get an SBA loan, there are many different aspects of your business you can use it fund. There are very few commercial restrictions. You can use it to purchase equipment for your business or even purchase a competitor. Many different property types are also eligible for this type of loan, such as gas stations, child care facilities and even nonconforming properties.

How To Qualify for an SBA Loan

Unfortunately, not everyone can qualify for a small business loan. If you’re just starting your business, you might need to wait a few years and generate some more consistent cash flow before applying. Here are some of the main criteria we use to make our decision:

• • How much cash comes into the business and how well you manage it
  • The value of your business collateral

• What your current debt load is

What the Terms Are

Once you apply for a loan, we tell you within 48 hours if you prequalify. We provide an LTR ratio of up to 80% for business acquisition loans and long terms that climb up to 15 years. We ensure there is no ballooning, that the loans do amortize and that you face no penalties for paying off your debts early.

For loan amounts up to $5 million, we offer financing amounts of up to 90%. The term also increases to 25 years. The 7a and 504 programs offer both variable and fixed rates. Like business acquisition loans, you can enjoy no ballooning and no prepayment penalties.

Are you ready to get the process started to grow your small business? Contact us today.