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Celebrating Small Businesses Everyday
Large companies and corporations may steal the spotlight from time to time, but there is no question that small businesses are what drive the American economy. As of 2020, there were over 32 million small businesses in the United States, accounting for over 99% of total business in the country!
You’re Ready to Buy Commercial Real Estate, Now What?
Buying commercial real estate is an exciting time for a business owner, but it can be an intimidating process. Acquiring tangible assets, whether an existing property, new construction, or a redevelopment project, requires a lot of financing.
You're ready to expand your business, now what?
When it’s time to grow your business, cash flow is vital. Whether you need to open an additional location, build or expand a building, or tap a new market, an SBA loan can help you meet the demands of business growth.
What to Expect in the SBA Lending Process?
Obtaining financing for your business is an exciting time, but it can also feel intimidating if you don’t know what to expect. Whether you’re launching a start-up, acquiring an existing business, acquiring or constructing a building to operate from, or opening a franchise, there are some common steps to the SBA lending process that you should know.
What Are the Benefits of an SBA Loan?
An SBA loan is a great financing option for business owners who are expanding, acquiring, or in need of working capital. Backed by the Small Business Administration, SBA loans offer a unique opportunity to business owners even if they qualify for traditional small business loans.
The Difference Between an SBA Loan and a Conventional Loan
Every entrepreneur or small business owner will eventually need additional funds to launch or grow their business. When that time comes, it’s important to remember that not all loans are created equal. Depending on your use of loan proceeds, credit history, business type, and loan amount, certain options may suit your financial needs more than others.
What Should a Good Business Plan Include?
As a small business owner, you likely have big goals for your business. A good business plan can help you achieve those goals. By detailing plans, budgets, and goals, a business plan can act as your road map to success.
Are You Ready To (Literally) Build Your Business from the Ground Up?
There comes a point in a small business’ journey when it is time to expand and grow. For some business owners, this means expanding their existing work space while others will tackle building a commercial property from the ground up. In either case, an SBA Construction Loan can help get you started.
What information do you need when applying for an SBA loan?
An SBA loan has many appealing benefits for small business owners like longer terms and lower down payments. Gathering the appropriate documentation in advance can help streamline the process as much as possible. Here are a few common documents you will need to submit in addition to the required federal forms.
You’re ready to acquire a business, now what?
Acquiring a business is an exciting endeavor! Buying a company can give you access to new technology, new markets, and new resources. Whether you’re buying a completely separate business or planning to absorb it into your current company, you can set yourself up for success by planning for the acquisition process in advance.
SBA 7(a) V. SBA 504 – What’s the Difference?
The SBA lending program is a wonderful way to get financing fast with competitive terms and unique benefits. One advantage of the program is that it is not a one-size-fits-all solution. There are multiple loan options within the program to choose from. The key is determining which option fits your business needs the best.
By understanding your options, you can choose a loan that addresses immediate needs as well as future growth. Maybe you need financing to purchase commercial real estate, start construction on a building for your business, or maybe you have a wide range of business expenses to cover in order to start your business. Whatever your specific needs, there’s an SBA option for you!
Things to Consider When Choosing an SBA Lending Partner
As a small business owner, there will come a time in the life cycle of your business where you will need additional financing. The process can seem intimidating, but it all starts with choosing the right lending partner. Too often, business owners focus on the money and don’t think about the lender they’ll be working with. The right lending partner can make all the difference in what can be an arduous process. You want someone who will get to know your business and consider your long-term goals as well as current needs. Choosing the right lending partner is one of the best ways to set your business up for success!
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