If you own a successful auto repair shop and want to expand, upgrade your tools, or buy a new building, consider financing through the Small Business Administration (SBA). These loans offer long repayment terms, competitive interest rates, and flexible spending. SBA loans for automotive repair shops are ideal for businesses with solid cash flow and big plans.
Business Funding Group LLC (BFG) has extensive experience working with small businesses like yours and could help you get the funding you need. Our clients include law firms, e-commerce brands, service shops, and other profitable companies that need the right funding to advance. One of the bonuses of working with us at BFG is that if your loan does not close, you do not pay us anything.
How Can SBA Loans Help Automotive Repair Shops Thrive?
Owners of auto repair shops can take advantage of SBA loans to fund business expansion or meet demand.
Purchase Diagnostic Tools and Tech Equipment
SBA loans could help you buy or lease innovative tools to diagnose modern cars. Purchases such as scan tools, emission testers, and software updates may quickly pay for themselves, especially as electric and hybrid vehicles become more common.
Upgrade or Purchase Lifting Equipment
An SBA loan allows you to invest without depleting your cash reserves, so you could purchase or upgrade your hydraulic lifts, wheel balancers, or alignment racks.
Expand Your Shop
If you have outgrown your space or no longer wish to rent, an SBA loan could help you buy commercial property or make improvements to an existing space.
For example, an owner who is limited by their facility could get an SBA 7(a) loan and purchase a larger building with additional service bays and upgrade their lifts. Their monthly mortgage may be lower than their rent was, and they have an increased capacity.
Is an SBA Loan a Good Fit for Your Shop?
SBA loans are partially guaranteed by the government, making lenders more willing to approve loans for small businesses that may not meet traditional standards.
The SBA 7(a) loan is the most flexible and popular program. It lets you borrow up to $5 million for a wide range of uses! To get an SBA loan approved, your mechanics business will need to meet certain qualifications, such as strong cash flow and good credit (usually at least 700).
We could give you a good idea about your eligibility during a no-obligation phone call. Not every business qualifies, which is why it is essential to work with experts like us at BFG.
Contact BFG To See if Your Mechanics Shop Qualifies for an SBA Loan
At BFG, we love working with high-performing niches, such as auto repair. Bank financing may overlook service-based businesses, but we know how to present your business in an attractive way to lenders.
If you want to expand your shop, upgrade equipment, or purchase your own property, SBA loans for automotive repair shops could be the best way to make it happen.
Call us or fill out our fast application online. We could guide you through eligibility, match you with the perfect lender, and handle the paperwork so you get to focus on managing your repair shop.
(917) 593-5013