SBA Loans: The Small Business Ally
The U.S. Small Business Administration was built solely for one reason - helping small businesses get the funding they need. Whatever you need for your Florida business, you’ll find an SBA loan for it. However, the agency doesn’t directly lend money to small business owners. Instead, the SBA sets the guidelines for the loans which are then made by its lending partners. Since this reduces risks for lenders, this makes it easier for you to get loans.
Whether it's buying land, machinery, or refinancing your existing debt, SBA loans can cover almost everything you need. Here are some of the most common SBA loans in Florida.
SBA Express Loan
If you’re in need of fast cash, the SBA Express Loan is for you. Applications are reviewed within 36 hours and you can finance up to $350 000. This load can be used as an SBA commercial real estate loan, line of credit, or working loan. Unfortunately, although they’re reviewed a lot quicker than other SBA loans, it’ll often still take at least 30 days for you to get your funds.
LoanThe 7(a) loan is one of the most flexible SBA loans you can get. If your loan doesn’t go over $25 000, you may not need collateral but higher amounts may. If you don’t have enough business collateral, you don’t need to worry since many forms of personal collateral can help you qualify. You can use the 7(a) loan to:
Buy or expand an existing business
Buy machinery, furniture, supplies, or materials
Cover construction costs
Refinance your existing debt
SBA 504 Loan
One of the most common reasons for you to get the SBA 504 loan is to fund a project. With this loan, a thorough examination of your project costs is needed. And when your loan is funded, you still have to cover for at least 10% of the total cost. The lender will only cover 50% of your costs while the SBA will cover 40%. However, you’ll benefit from longer amortizations, fixed interest rates, and no balloon payments.
Some qualifying projects for this loan include:
Buy long-term machinery
Buy land or make land improvements
Buy an existing building
Build a new facility or renovate an existing facility
What are the Benefits of SBA-guaranteed loans?
SBA loans offer flexible overhead requirements, lower down payments, monthly payments, and no collateral needed for some loans. It also allows for longer repayment terms ranging from 7-25 years and a loan of as much as $5 million. These loans also allow you to build and improve your credit which would qualify you in the future for higher amounts and other types of financing.
Qualifying for an SBA Loan
SBA loans may be easier to get than your average bank loan but that doesn’t mean they’re the easiest to get. These loans are paperwork-intensive, the application process is long, and there are more qualifications required. In general, eligibility for this loan comes down on what a business does for its income, where the business operates, and the character of its ownership.
Consult with us today and let us help you find which SBA loan would be most suited for your needs.
These loans are guaranteed by the Small Business Administration. As a result, SBA Loans offer some of the lowest rates in the market as well as longer repayment terms. Clients have the ability to borrow up to $5 million. Repayment ranges from 7- 25 years based upon how you plan to use the money. SBA loans are best for strong credit borrowers who have been operating for 2 years and are willing to work on the long application process to expand their business or refinance debt.
Lowest rates on the market
Borrow as much as $5 million
Longer repayment terms 7-25 years
Long application process
More qualifications required
Expanding businesses or refinancing debt
Business with good credit willing to wait for funding
Applying for Business Funding But the Bank Said No? Relax, We got this…
Avenir Light is a clean and stylish font favoredAn average small business owner has to approach multiple banks and spend approximately three to four full days filling out applications before they can find a bank willing to provide them a loan. And of all small business loan seekers in the U.S. and Canada, banks reject over 80% who end up giving up extraordinary ideas or trading them for more mediocre ones that fall within their budget. by designers. It's easy on the eyes and a great go to font for titles, paragraphs & more.
Our mission is to help tip those scales.
At Maven Financial, we recognize the significant role of small and medium enterprises in propelling the national economy forward. Currently, there are 30.2 million small businesses in the U.S. comprising a whopping 99.9% of all United States businesses which provides employment to almost half of the country’s employee workforce. Our goal is to help more small business owners join that number and give them the opportunity they need through alternative sources of business funding & business loans in Florida.
Need Help With Business Loans or Funding for Your Florida Business?
Through our flexible and reliable business funding solutions, we tailor business loans to fit each client’s needs, cash flow, and goals. Some of our guarantees include:
Multiple business funding options - Term Loans, Working Capital Advance, Equipment Leasing, SBA Loans, and so much more
Fast funding - Receive funding in as little as 46-72 hours
Consultation with your own dedicated funding specialist
Assistance from multiple lending partners that we work with on our client’s behalf
Best rate and term possible
We work with numerous banks and financial institutions to give our clients a variety of financial options. Whether it is a start-up or a small business, we provide Florida business owners with the best business funding options that would allow it to grow and prosper.
With us, the process is simple. Fill up the form above and get your free consultation. Once we have all the information we need about your business and your goals, we can provide you the best financing options for you to move forward.
With Maven Financial, you can be sure that you have an ally.