Courtiers Immobiliers Outaouais is an ideal way to finance a business. Small business owners can use this loan to start, purchase, or expand their business. With better terms and longer repayment terms than most commercial loans, SBA loans are a great option for many entrepreneurs. Read on to find out more about what an SBA loan can do for your business.
What is an SBA Loan?
An SBA loan is a loan that is backed by the U. S. Small Business Administration (SBA) and offered through certain banks or lenders. It can help small businesses with purchasing real estate, equipment, and other assets they need in order to grow or maintain operations. These loans also offer flexible terms and longer repayment periods.
Types of SBA Loans Available
There are several types of SBA loan programs available, including: SBA 7(a) loans, which are the most popular and typically used for expansions or startup costs; SBA 504 loan program, which offers long-term fixed rate financing for purchasing of approved capital purchases such as land, buildings and/or equipment; and the recently introduced SBA Express Program, providing access to quick funding for various business needs.
Qualifying for an SBA loan
In order to qualify for an SBA loan, potential borrowers must meet certain eligibility requirements. Generally, the borrower must be operating a business with 500 or fewer employees, have a viable business plan, and demonstrate an ability to repay the loan. Additionally, the business must be located in the United States and majority-owned by …