Your Business Will Benefit for Years To Come With an SBA Loan
The Small Business Loan Program was put in place years ago to help smaller companies remain competitive in the marketplace. If your business qualifies, then you should look into getting a small business loan. Impact Commercial Capital can help you process the loan quickly, so you do not waste any time getting your business operations on track.
Which Companies Qualify?
There are requirements for how you can use your loan. You will be able to build, purchase, refinance and renovate with the money, so most businesses will find some use for it. Some of the properties that typically use these loans include:
- Motels and hotels
- Veterinary practices
- Car washes
- Car dealerships
- Gas stations
- Car repair shops
- Child care facilities
- Non-conforming properties
- Single-purpose buildings
You can pretty much get a loan of any size. Some businesses will qualify for loans of up to $5 million. These loans come with competitive rates and flexible terms. Financing is available with 25-year terms and full amortization. There are no prepayment penalties on the table, and rates are flexible through both the 7a and 504 programs.
Can You Finance Equipment with an SBA Loan?
SBA loans are often used to cover equipment financing. Some of the most common pieces business owners use these loans for include:
- Diagnostic tools
- Heavy machinery
- Binding and printing machinery
- Manufacturing equipment
- Trucking equipment
- Machine tools
- Dry cleaning and laundry equipment
- Medical equipment
There are a few factors the professionals at Impact Commercial Capital look at when determining whether you qualify, including your cash flow. Most business owners will find that they prequalify in as little as 48 hours.
What Steps Are Next?
An SBA loan may be precisely what your company needs when all other forms of financing fall short. Contact us today to get your application started. We can also discuss your loan needs to ensure you get the right financing.