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Rent can be a costly part of many small companies’ expenses, this might be an ideal time to consider buying an office building for your business. If you have a small business and are looking to buy a building, a Small Business Administration (SBA) 504 loan could be just what you need!
These loans offer more borrower-friendly terms than traditional bank loans, including long repayment periods, fixed interest rates, and low down payments. An SBA loan 504 in Florida is a great way to purchase real estate for your business, and you can also use the funds to invest in equipment.
At Business Funding Group (BFG), we have decades of experience with SBA loans and specialize in helping small businesses like yours get funding. We will help you through the entire process, from an initial consultation call to the final disbursement.
SBA 504 loans are financed differently from traditional bank loans and even from SBA 7(a) loans. Rather than using a single lender, they are funded through a partnership between multiple parties:
This method of splitting the contribution makes the SBA 504 loan less risky for lenders and helps Florida businesses get better loan terms.
SBA 504 loans can be extremely beneficial to small businesses in Florida. They have more borrower-friendly terms in comparison to traditional bank loans. For example, there are usually limited prepayment penalties.
The repayment terms are advantageous for small enterprises looking to make a large purchase and pay the amount back over a long period of time. A loan could be repaid over periods of up to 30 years, providing more small companies access to business financing.
SBA 504 loans can reach amounts of $20M or more. With fixed interest rates, business owners do not have to worry about market fluctuations. Monthly payments for SBA loans are generally very reasonable, in contrast to traditional business loans that can leave business owners with strict terms and unmanageable payments.
Small businesses must meet a few requirements set by the SBA to apply for a loan. Some qualifiers that can affect a business’s loan eligibility include:
Applying for an SBA 504 loan could be overwhelming for busy Florida business owners. BFG is a team of professional loan packagers that assists with all aspects of the application and approval process, including:
At BFG, we are confident in our ability to help small businesses navigate the application process and get the funding they need. We do not charge a fee if you do not close on a loan, so there is no reason not to apply!
Small business owners could benefit greatly from an SBA loan 504 in Florida. Whether you are ready to move from renting to ownership, buy a larger space, or purchase much-needed equipment, a 504 loan gives you the chance to get funded.
SBA loans are more accessible than ever, and today’s interest rates and broad eligibility make it a great time to apply!
As experts in the field, we are committed and perfectly positioned to offer our help. Contact BFG today to discuss how an SBA loan could benefit your business during a free 15-minute call.
(917) 593-5013