Starting a new business or needing to expand an established one, at some point you will need financing to maintain and/or expand your business.
A business loan is when you need to acquire monies for acquiring a business (franchise) or for any part of running the business and/or needing items to function such as supplies, training, marketing etc. within the actual real estate space the business will run out of.
A commercial loan would be obtained if there were an actual physical building (and can include land), or office condo space etc that is being purchased along with the business.
Are a great source for small business lending and are a popular way to borrow this year. The 7(a) loan program is the most popular. The key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.
- Operate for profit
- Be small, as defined by SBA
- Be engaged in, or propose to do business in, the United States or its possessions
- Have reasonable invested equity
- Use alternative financial resources, including personal assets, before seeking financial assistance
- Be able to demonstrate a need for the loan proceeds
- Use the funds for a sound business purpose
- Not be delinquent on any existing debt obligations to the U.S. government
Is a great opportunity for start-ups and businesses needing small amounts of funds to start. The Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000. Microloans are administered through intermediaries, so the intermediaries not SBA determines the credit and eligibility requirements.
Microloans can be used for:
- Working capital
- Inventory or supplies
- Furniture or fixtures
- Machinery or equipment
The 504 Loan Program
Is available for the use of purchasing Real Estate and Equipment purchases. Here is a list of eligible and non-eligible uses for CDC/504 Loan Funds:
Use of CDC/504 Loan Proceeds
A 504 loan can be used for:
- The purchase of land, including existing buildings
- The purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping
- The construction of new facilities or modernizing, renovating or converting existing facilities
- The purchase of long-term machinery and equipment
A 504 loan cannot be used for:
- Working capital or inventory
- Consolidating, repaying or refinancing debt
- Speculation or investment in rental real estate
Learn more about the SBA Business Loan Programs
SBA Veterans Advantage Program
There are also some advantages for veterans SBA Veterans Advantage Program.
If you need assistance with understanding what the SBA Veterans Advantage Program can offer you, a Veterans Business Outreach Center (VBOC) can assist you. The Veterans Business Outreach Center (VBOC) Program is designed to provide entrepreneurial development services such as business training, counseling and mentoring, and referrals for eligible veterans owning or considering starting a small business. The SBA has 15 organizations participating in this cooperative agreement and serving as Veterans Business Outreach Centers (VBOC).Visit one of the Veterans Business Outreach Centers (VBOC) .
Outside of government run loan programs, there are conventional and hard money (private money) sources that can also provide loans for business.
Conventional loans will require a substantial down payment while hard money (private money) loans will be more lenient by using the collateral of the real estate to secure the loan.
Your Personalized Investment Manager
Your customized plan automatically reflects market changes and is ready to adjust to the shifts in your life. Our approach is based on extensive research and backtested to provide a tailored experience. A comprehensive financial plan helps you to Construct a lifelong cash flow forecasts, showing all the money you will receive and all the money you will spend in your lifetime. The cashflows use prudent assumptions to protect against inflation and uses realistic returns.
We offer a full range of business loan types.
- Hard Money
- Complete our Commercial Loan Quick App and one of our commercial loan advisers will contact you today.
- After speaking with one of our commercial loan advisers about your Quick App, you will receive a full loan package.Complete & submit the packet along with all pertinent documentation. Upon receipt and qualifying review, a loan proposal with rate and term conditions and fees will be issued to you by us and/or the lender.
- You will then select the best option for you and your business, confirm and we will move forward towards closing.
To begin the pre-qualification process, please download and complete the Commercial Loan Application. It must be completed in it’s entirety. If a block does not apply to your project, please enter N/A and/or you are not sure what to fill in, contact our office with your question (305) 330-4304 or email@example.com.
Please use a separate piece of paper to include any special circumstances, issues or short comings involving your project, personal finances or credit, so that we will have all concerns upfront to place you with the right lender.
The form is fillable and can not be saved and filled out at another time. It must be completed before closing out of the form.