Small Business Administration
With Small Business Administration backed loans, your business can access the funds you need to expand production, purchase stock, property and equipment necessary to expand.
Small Business Administration Loans
The Small Business Administration (SBA) is a government agency designed to help entrepreneurs start and sustain their businesses. The SBA helps provide funding for companies of all sizes so that they can get the financial liquidity necessary to maintain operations. However, because the SBA doesn’t finance these loans directly, the approval process can be complicated. Instead, the Administration assumes some of the risks of the loan. This way, new businesses can get financed without much credit history.
At Soundview Lending Group, we can help you navigate through the SBA loan process. There are many types of funding options, some of which will be more helpful than others. Contact us today to see which loans you can get for your business.
SBA Real Estate Loan/Owner-Occupied Commercial Real Estate
Regardless of the industry you serve, owning a commercial office building or retail space can have many benefits. First, you can build equity in the property over time, and you don’t have to worry about rent increases going up every year.
The SBA does offer loan programs for small businesses that want to purchase commercial real estate. However, to qualify, these buildings have to be “owner-occupied.” Fortunately, that only means you have to utilize at least 51-percent of the space. The rest can be leased out to other companies, which can help you manage your mortgage costs. Also, you can buy a larger building in anticipation of your company’s future growth.
SBA Equipment Loan
For some businesses, the key to success lies in having the best equipment. Whether you’re a manufacturer, a machine shop, or you need retail equipment to sell to customers, financing these items can be costly. Getting approved for an equipment loan can be even more challenging if you’re starting a new business.
Fortunately, the SBA does provide funding for new machinery and gear. Companies often get up to 80% (and sometimes 100%) of the equipment. cost financed. Plus, since the SBA assumes most of the risk, more lenders are willing to approve the loan. To qualify, all you have to do is prove that the equipment is necessary for your operations.
SBA Inventory Loans
If you have to manage inventory, you know how challenging it can be. On the one hand, you have to maintain enough stock to keep up with customer demand. On the other, you don’t want to overstock your warehouse or storefront, just in case you have trouble selling some of your items.
Unfortunately, this balancing act can sometimes put your business in a bind. For example, you may need to purchase new inventory to capitalize on consumer trends, but what if you don’t have the capital necessary? In that instance, you can get an SBA loan to borrow against your future sales. Inventory loans can be somewhat complicated, so we’ll help you through the process to make it as smooth as possible.
SBA Business Acquisition Loan
When your company is thriving, one of the best moves you can make is to purchase an existing competitor. By doing this, you can absorb the competition’s sales and market share, while also adding to your infrastructure and operational capabilities.
While there are many benefits to acquiring an existing business, raising funds for a takeover can be difficult. Fortunately, we can help you qualify for an SBA business acquisition loan. These loans do require documentation and sales numbers for both your company and the one you plan to purchase. We can assist you in compiling this information so that you can get approved for up to 90-percent of the asking price. Call us today to find out more about this loan program.
Schedule a Consultation
With lenders ready to work with you and with loan amounts from $5,000 to $5 million +, there's no reason not to start a conversation or to pre-apply to see for what loans you could qualify. We work with businesses in every industry and at every stage in the life of your business.
