SBA 7(a) Loans
If you are an aspiring small business owner, you understand how difficult it is to bring life to your idea. Financial constraints are among the most common hurdles that small business owners face. For many, it seems there is never enough money to put their plans into action. In fact, a lack of financial resources is a major reason why almost half of small businesses fail within five years.
At CommercialMortgages.com, we have a solution for financially-strapped small business owners. The SBA 7(a) loan is a way for our small business owners to get the financing they need to take their company to the next level.
What is the SBA 7(a) Loan?
The SBA 7(a) loan is guaranteed by the U.S. Small Business Administration and is offered exclusively to small business owners. When our local businesses fail, we all fail. These loans promote economic growth to increase local businesses’ chances of success.
What Can I Do With an SBA 7(a) Loan?
SBA 7(a) loans have many applications for small businesses. Here are a few of the things that you can do with an SBA 7(a) loan:
- Purchase buildings or land related to your company
- Gain short- or long-term working capital
- Purchase equipment, furniture, machinery, or other large-scale items
- Fund construction or renovation projects
- Cover company acquisition costs
- Fund a new business
- Refinance company debt
Is My Business Eligible To Receive an SBA 7(a) Loan?
To be eligible for an SBA 7(a) loan, a company must:
- Be a for-profit entity
- Meet the SBA’s definition of a small business
- Conduct their business in the United States
- Have invested equity
- Show proof that they need a loan to meet company objectives
- Attempt to receive funding from other sources before seeking an SBA 7(a) loan
- Be in good standing on debt obligations to the U.S. government
Applying for an SBA 7(a) Loan
Before applying for an SBA 7(a) loan, you will need to collect a significant amount of paperwork. Here are a few specific items you will need to complete the application process:
- Personal and business financial statements
- A list of your business ownerships and affiliations
- A copy of your business license
- Income tax returns
- A written history of your business and the challenges it has faced
- A copy of your business lease
This does not represent an all-encompassing list. Speak to one of our loan officers for a complete list of SBA 7(a) loan application requirements.
Contact Us Today!
If you are a small business owner who needs financing to remain competitive in your industry, an SBA 7(a) loan might provide the funding you need to stay in the game. Contact CommercialMortgages.com to see if the SBA 7(a) loan is your solution!