If you are the owner of a profitable small business and want to take it to the next level, whether that is opening a new location, buying equipment, or growing your team, a Small Business Administration (SBA) loan could be exactly what you need. These loans are designed to help established small businesses expand.
Growing your business is exciting, but it can also be overwhelming without the right support. Let our team at BFG help you explore your options and see how to expand your business with an SBA loan.
SBA Loans Help Businesses Grow in Various Ways
SBA loans are partially guaranteed by the government, which is one reason they are accessible to smaller companies. They offer advantageous terms for small business owners, including:
- Zero or low down payment requirements
- Competitive interest rates
- Long repayment terms
An SBA loan could help businesses that are already generating revenue and want to grow. Business owners can utilize SBA loans for a wide variety of purposes, such as:
Opening a New Location
An SBA loan could provide the capital needed for commercial real estate acquisitions, leasehold improvements, and other related expenses. It can be a strategic way to scale your operations without negatively impacting cash flow.
A small business may qualify for SBA loan funding to open another location near the company’s current top-performing locations. Additionally, an e-commerce store may want a loan to finance the opening of a brick-and-mortar location.
Investing in Equipment
An SBA loan could cover equipment costs. The long repayment terms make it more affordable to purchase the equipment you need, as it will be paid off over an extended period rather than all at once.
Small businesses invest in various types of equipment, such as upgraded computers, new machinery, and commercial kitchen appliances.
Hiring and Training Staff
Growth often means hiring more people. An SBA loan could help cover salaries, onboarding, and training programs. Businesses may not be able to expand the way they want to because they need additional staff. The SBA loan program addresses that problem.
Working Capital
Working capital is used for marketing efforts, purchasing inventory, and more. An influx of working capital could help a small business get the boost it needs to support growth.
Is an SBA Loan a Good Fit for You?
Not every small business will be eligible for an SBA loan. However, if your business is profitable and has been operating for a few years, you are in a great position to qualify.
SBA and approved lenders typically want to see:
- A demonstrated ability to repay the loan
- A good credit score (at least 700) and history
- At least two years in operation
- A for-profit business based in the U.S.
If you’re unsure whether your business is eligible, please give us a call. At Business Funding Group LLC (BFG), we are loan packaging experts with significant experience advising businesses about SBA loans.
We could review the eligibility requirements with you and pre-qualify you over the phone. We do not charge a fee until you close on a loan, so there is no pressure or commitment.
Call Us Today if You Are Ready To Grow Your Business With SBA Financing
At BFG, we have specialist knowledge of the SBA loan process because it is what we do every day. Our experienced team helps business owners secure the financing they need by managing the paperwork and providing industry-specific guidance. Best of all, we only charge a fee if you successfully close on a loan.
If your operations are growing and you need capital to scale, we are here to help expand your business with an SBA loan. We can review your goals, assess your finances, and create an application that stands out. Contact us, or fill out our application online for honest, expert support. Your initial consultation is confidential and free.
(917) 593-5013