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If you have a profitable small business and are seeking to expand, a Small Business Administration (SBA) loan could provide the necessary financing. The SBA offers loans to small businesses at low interest rates and long repayment terms. These favorable terms allow you to borrow funds for your business to grow, which you may not be able to secure through traditional bank loans.
Business Funding Group (BFG) is a team of loan-packaging professionals with decades of experience in the SBA loan process. We utilize our expertise and network of trusted lenders to help small businesses obtain the funding they need.
Contact us today if you are planning to grow your business through an SBA loan 7(a) in Florida.
Any for-profit business that meets the sizing standards of the SBA as “small”, is located in the US and owned by either a US citizen, or lawful permanent resident of the US, could qualify for an SBA loan.
SBA loans are approved for many small business owners, but not all. You must meet specific requirements to qualify for a 7(a) loan.
The top two criteria an applicant must meet to obtain an SBA 7(a) loan in Florida are:
A significant benefit of securing funding through an SBA 7(a) loan for Florida businesses is the very flexible use of proceeds. Borrowers may use the money for any legitimate business expense.
Your company could borrow up to $5M for any or all of the following:
Business owners can use these funds to invest in their companies without worrying about high interest rates or unmanageable monthly payments that may accompany traditional lending options.
SBA 7(a) loans benefit Florida small businesses in many ways:
The SBA 7(a) loan is usually:
The average downpayment requirement on a commercial mortgage is usually 20-30%, whereas under the 7(a) loan program BFG can help structure a loan with 0 money down. For a general working capital loan, it varies vastly between lenders, if they require their borrowers to invest any capital – with a 7(a) loan, it’s always 0.
For SBA 7a working capital loans, there are 0 prepayment penalties so you can restructure at any point you wish. On the 7a real estate loans, there is a limited prepayment period of 3 years (5%, then 3% and 1%) making it much easier to sell or refinance than traditional commercial mortgages.
SBA 7a working capital loans are 10-year term loans that can be used for any business-related expense – some of the use of proceeds can even be transferred straight to your operating account at closing and you get to deploy the capital as you see fit.
SBA loans usually have fewer covenants than conventional bank loans.
Interest rates for 7(a) loans are lower than they have been in the past, making these loans affordable to more businesses. Extended repayment terms (10 – 25 years) also allow the borrower to make reasonable monthly payments without fear of default.
The SBA’s objective is to support small businesses, so the trusted and certified lenders we work with are more willing to approve loans.
Small businesses could get funding for their business through SBA loans when they might not be eligible for a loan through a traditional lender. An SBA loan 7(a) in Florida could help small businesses finance their business goals. To explore how much funding you might qualify for, try our SBA loan calculator for a quick and easy estimate.
Our team of experts at BFG could help you secure the funding you need to achieve your business objectives. Contact us today for a 10-15-minute phone call to determine your eligibility and discuss your business goals.
(917) 593-5013