Small businesses could benefit greatly from an SBA loan 7(a) in Texas. The Small Business Administration (SBA) allows companies to borrow up to $5M for any legitimate business purposes.
Business Funding Group (BFG) is one of the largest SBA loan packagers in the U.S. We have decades of experience helping small businesses secure financing.
Our loan experts are uniquely positioned to help you determine eligibility, fill out your application, find a trusted lender, and get a loan funded quickly. Contact BFG today to talk about SBA 7(a) loans.
SBA 7(a) loans are great for Texas small businesses because the terms are more favorable than traditional loans from a bank.
Repayment terms are usually longer, making monthly payments smaller and more affordable. 7(a) working capital loans are generally 10-year term loans, and the 7(a) loans for owner-occupied real estate are 25 years.
Probably the single largest advantage of the 7(a) loan program is its flexibility – you can borrow money for any legitimate business purpose!
Other reasons why 7(a) loans are favorable to small businesses include:
One of the SBA’s purposes is to help companies expand, which benefits the country as a whole. The SBA does not directly provide loans; it guarantees a portion of them to a certified lender, which is why the loan terms are borrower-friendly.
Business owners who are unable to obtain a loan from a traditional bank may be able to get an SBA loan to finance their business goals.
As 7(a) loans facilitate the flexible use of funds, a small business in Texas may use the loan proceeds for any legitimate business expense, such as:
This flexibility ensures that small business owners address various financial needs, fostering growth and sustainability in their ventures.
The key factors for securing an SBA loan are proving your ability to repay it and maintaining strong credit scores and a positive credit history for both your business and yourself as the owner.
Lenders expect good cash flow and credit (preferred 700+) from business owners. When approving a loan, the lender assumes some risk. Although SBA loans are less risky for lenders, as the government partially guarantees them, lenders still want to ensure that the borrower will repay the loan and is capable of doing so.
Additional requirements a small business from Texas must meet to qualify for an SBA 7(a) loan, include:
If you want to expand and grow your business, an SBA 7(a) loan could be exactly what you need. At BFG, we are experts in SBA loans and specialize in helping small business owners like you secure business financing so your company thrives.
We are confident in our ability to help, and our experienced financing professionals could assist you in procuring the loan you need.
Call BFG today to discuss your eligibility for the SBA loan 7(a) in Texas!
(917) 593-5013