How an SBA 7a and SBA 504 Small Business Loans Can Benefit You
If you own a small business, you should know all the options you have with an SBA 7a or SBA 504 loan to ensure the success of your business. Financing is one of the best tools you have at your disposal. Of course, financing comes with its own set of drawbacks. It may be difficult for some business owners to be qualified, and you must be responsible to avoid accumulating debt. By having the Small Business Administration back your loan, these issues can be completely avoided. The SBA backs many loans, which makes them more appealing and greatly improves the benefits possible from financing. At Swiftridge Capital, we understand that this kind of loan can make a huge difference in your business, which is why we are committed to helping you be approved. We specialize in7a and 504 programs, so if it is possible for you to qualify for this kind of loan, we will make it happen.
Small Business Administration Backed Loans
When the SBA backs your small business loan, one of the biggest benefits is that more capital can be gained. Even very small businesses can receive an impressively large loan. Additionally, businesses that are too small to normally be approved can still take advantage of financing. Because the requirements for approval are lower with help from the Small Business Administration, less paperwork is required and the processing time is much shorter.
Using Your Small Business Loan
There are many things you can do with your SBA 7a or SBA 504 loan. If you invest the capital wisely, you can make permanent improvements that will last long after you have finished making payments. Some of the most common uses are:
- Investing in marketing
- Hiring new staff or providing special training for existing staff
- Upgrading or purchasing new equipment
- Refinancing or consolidating debt
- Purchasing new real estate to open a second location
- Completing a remodel
Swiftridge Capital is dedicated to your business. Learn more about how we can help you be approved for the loan you need.