Use a Small Business Loan To Grow Your Business
Small business loans provide many business owners with the capital they need to grow their company. Whether you plan to acquire a small competitor or expand into new territory, an SBA loan can help. Not every lender can make the SBA loan process smooth and easy for you, so always ensure that you choose a Preferred Financial Services company like Moneyfest Capital.
Note that some types of loans come with restrictions on the purpose. This is sometimes the case for small business loans, but it just depends on the type you choose.
Financing Industrial and Commercial Real Estate
The 7(a) loan is best for general purpose use, while the 504 loan is usually issued for investment in commercial real estate and equipment. Here are some examples of business types where both of these loans may best serve you:
- Veterinary practices
- Auto repair shops
- Car dealerships
- Single-purpose buildings
- Child care facilities
- Non-conforming properties
For some business owners, one expensive project they may need to finance is getting new equipment. This could range from purchasing new vehicles for a construction company to installing brand new appliances in a commercial kitchen. Whichever of these you have in mind, SBA loans can make it possible.
Acquiring Another Business
One of the most important factors we consider for eligibility is cash flow. Even if the business owns a lot of assets, banks need to be sure that you can use the new business to generate enough cash to repay the loan. If the business meets our requirements, then you can get prequalified in just 48 hours. We finance up to 80% of the purchase and tend to offer terms around the 15-year mark.