How You Can Use a SBA-Backed Small Business Loan
As a small business owner, you probably know how beneficial commercial financing can be. However, there is one particular kind of small business loan that is more beneficial and helpful than nearly any other. You can have the Small Business Administration back your loan to improve nearly every aspect of it. At Exceed Capital Lending, we specialize in 504 and 7a loans, striving to provide you with the best experience possible. Turn to Exceed Capital Lending if you think your business could benefit from a SBA-backed loan. Give us a call to learn more.
Small Business Administration Backed Loans
There are many different benefits to having the SBA back your loan. The biggest benefit is that even smaller businesses than would otherwise be possible can still be approved. Additionally, the amount of capital that can be gained increases significantly. These two facts together mean that even very small businesses can receive an impressively large loan and undertake exciting new projects.
Another benefit of having the Small Business Administration back your loan is the simplicity of applying. You may think that it would be more complicated to apply for a backed loan, but much of the process is actually simpler. This is because the requirements are less strict. In many cases, little or no collateral is required, which also means less paperwork is required. This is another reason why this kind of loan is especially appealing for very small businesses.
Using Your Small Business Loan
Once you have your new working capital, it is up to you to implement it most effectively. Some of the most common options include:
- Expand to a second location
- Increase your marketing budget
- Purchase or lease new equipment
- Refinance or consolidate debt
- Provide special training to staff
Exceed Capital Lending believes in your business’ ability to succeed. Learn more about how we can help you make any of these possibilities a reality.