Loans guaranteed by the Small Business Administration (SBA) are one of the best ways to expand your business. Florida SBA loans offer favorable terms that business owners might not receive from traditional lenders.
Business Funding Group has decades of experience and is ready to help determine your eligibility and guide you through every step of the process.
If you are looking to grow a business in Florida, BFG can help with your SBA loan.
There are two different types of SBA loans in Florida, both backed by the government: 504 and 7(a).
The difference between the two types of loans is what the money can be used for and the maximum loan size, so businesses can choose a loan program based on their business needs and goals.
The SBA 7(a) loan can be used for more than real estate, extending to general working capital like:
7(a) loans have more flexibility but max out at 5M.
504 loans are generally used to purchase real estate, but they can also cover machinery and other long-term assets as part of your purchase.
We can help you pursue 20M or more in funding. The business supplies 10%, a lender supplies 50%, and the remaining 40% comes from the SBA/CDC.
If you are not sure which loan you should pursue for your business, BFG can guide you based on what you need the money for and how you want to grow.
Qualifying for a business loan can be challenging, especially if you are thinking about or working with a traditional bank.
SBA loans offer terms that are advantageous for Florida businesses. For example, they have no or limited prepayment penalties and significantly less restrictive covenants or conditions.
Traditional business loans, on the other hand, often come with stricter terms, including higher interest rates, more restrictive covenants, and potentially significant prepayment penalties.
A business owner applying for an SBA loan must meet a few qualifiers:
The process of securing an SBA loan can be lengthy and complex.
BFG has the experience to help you navigate the process and get the loan you need. With experience comes the knowledge of which businesses will be eligible and which might not be due to the type of service they offer or the industry they are in.
BFG is dedicated to helping businesses grow with the help of SBA loans. We can determine your eligibility and discuss your business needs over a 10-15-minute phone call.
BFG does not charge a fee if you do not close on a loan.
If you are considering a Florida SBA loan, reach out to us today!
(917) 593-5013