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Are you looking for financial capital in order to grow your business or meet a specific need? You might want to look into applying for an SBA loan. The purpose of the SBA loan program is to provide small businesses with affordable financing when they cannot find it elsewhere.
The U.S. Small Business Administration (SBA) guarantees loans to small businesses made through the best banks in Philadelphia and other financial institutions nationwide. Are you looking for financial capital in order to grow your business or meet a specific need? You might want to look into applying for an SBA loan. The purpose of the SBA loan program is to provide small businesses with affordable financing when they cannot find it elsewhere.
If you looking for the best banks in Philadelphia for your commercial financing, look for one that is an SBA Preferred Lender. Because the SBA guarantees a percentage of the loan, lending partners are more likely to approve the loan, making it a good option for small business owners shopping around for commercial business loans that are concerned about their prospects.
Although there are several different SBA loan programs, the most common is the SBA 7(a) loan program. There are many different scenarios where it might be a good idea to apply for a SBA 7(a) loan. They include the following:
When applying for a SBA 7(a) loan, there are a number of things you should keep in mind. In addition to choosing a financial institution that is an SBA Preferred Lender, applicants must be prepared as there is a lot that will go into the application. They will need to provide a personal statement, resumes, business plan, use of loan statement, business history, personal and business income tax returns, financial statements, and some evidence of collateral. The financial institution will look as these as well as your personal and business credit report.
At most banks, you can apply for a loan up to $2 million although you may be able to apply for more in some situations. All loan applicants should know that they may have to pay a guarantee fee if they apply for a large enough loan and receive it. All SBA loans will have interest tied to them as well depending on the length of the loan.
New equipment
Debt refinancing
Purchasing real estate
Inventory
Construction
affordable repayment options to ensure small businesses aren’t bound by too much in debt repayment to maintain adequate cash flow for operational expenses. Please keep these things in mind if you are considering applying for an SBA loan.
