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Small businesses could significantly benefit from the Small Business Administration (SBA) loan programs. This advantageous financing option allows you, the small business owner, to access the capital you need to expand.
Business Funding Group (BFG) helps small businesses grow by securing the funding they need. We could help you determine your eligibility, discuss your business goals, and assist with the application. We also offer advice about whether you may use SBA loan proceeds for what you need the funds for.
Contact us to learn more about the common uses for the SBA 7(a) loan.
The government backs the 7(a) loan, which is attractive to small business owners like yourself because of its borrower-friendly terms. Fixed interest rates, low down payments, and extended repayment terms are a few reasons small business owners pursue these loans. Another benefit is the broad flexibility in spending the loan proceeds.
These loans are easier than ever to qualify for so businesses can reach their goals.
One of the biggest advantages of SBA 7(a) loans is how funds can be used for any legitimate business expense. We can advise you about whether an SBA loan could cover what you want to spend it on.
You could purchase commercial real estate, such as an office building, warehouse, retail location, and manufacturing facility, with funding from an SBA 7(a) loan. For real estate purchases greater than $5M, the SBA 504 loan may be more suitable.
Your business may need new or upgraded equipment or machinery to improve operations. Some examples of purchases you could make for your business with 7(a) funds are:
Our experts could advise you accordingly on the loan’s common uses.
Working capital would give your business the cash flow needed to expand its operations. You could cover any legitimate business expense, such as payroll and employee benefits, purchasing inventory, marketing, and hiring new staff.
Your business may have existing debt hindering growth due to high interest or other unfavorable terms. With an SBA 7(a) loan, you could refinance the debt with lower interest and a more extended repayment period, significantly lowering the monthly payment. When business owners do this, they free up cash flow for expansion.
Funding from an SBA 7(a) loan to acquire a business could be a smart move for your small business’s quick expansion. The new acquisition would bring additional customers and expand market share almost automatically. An SBA 7(a) loan is one of the best ways to finance an acquisition because the down payment is low, and repayment terms are favorable compared to traditional bank loans.
If you own a small business and are considering an SBA loan to grow it, you should understand the common uses for the SBA 7(a) loan to determine whether this option is right for you. The proceeds of a 7(a) loan could be utilized for a wide variety of business needs, making it an excellent choice for many small businesses.
Based on your business goals and needs, our experts at BFG could help you make the right decisions. Contact us today for a free 15-minute call to discuss how an SBA loan could be an excellent solution for your business financing.
(917) 593-5013