Is an SBA Loan Right for You?
There are several factors that need to be considered when seeking a small business loan. To determine if you are qualified, lenders will likely assess the cash flow and financial management of your business and look at how long your business has been operating. They may also check to be sure you have a good credit score and no recent history of foreclosures, bankruptcies or tax liens. As a business owner, before taking out an SBA loan, you generally want to determine exactly how much money you need, what you plan to use the money for, and how long it will take you to pay it back.
What Are the Benefits of Getting an SBA Loan?
You may need to meet certain requirements to qualify, but the benefits offered with these types of loans can be very favorable to borrowers:
- Flexible terms
- Competitive rates
- Loans are amortized
- No balloon payments
- No prepayment penalties
- Loan amounts up to $5 million
- Loans are processed quickly, with prequalification in as little as 48 hours
What Types of Businesses Can Qualify?
Business owners can seek a loan for a variety of reasons but typically do so when they need to refinance existing debt, make a large purchase, build new properties or renovate existing properties. Small business loans can also be used to cover financing of machinery and equipment needed for the business to operate, such as trucking equipment, furniture and fixtures, manufacturing equipment or machine tools.
These are just a few examples of businesses that tend to be good candidates for these loans:
- Car dealerships
- Auto repair shops
- Hotels and motels
- Gas stations
- Car washes
- Veterinary offices
- Childcare facilities
Are You Ready to Apply?
If a small business loan seems like a good option for your business, the financial experts at MWFSG (Miller-White Financial Services Group) can help you get started. Contact us today to learn more.