Determining if an SBA Loan is Right for You

If your’e a small business owner looking to fund your business to grow or expand your operations, then a small business loan with the Small Business Association, or SBA may be the right choice for you. With an small business loan, you can take advantage of a lower down payment, longer repayment terms, and competitive rates. While it may take some work on your part up front, an SBA loan could pay off in the long run. At Pacific View Funding, you can sit with professionals to help you determine if an SBA loan is right for your business.

Determine Your Project

SBA loans are great for many types of projects and can apply to several industries. Here are some examples of purchase, renovation, refinancing, or construction projects that Pacific View Funding handles.

  • Single-purpose buildings
  • Hospitality services, such as hotels
  • Child care organizations
  • Veterinary hospitals
  • Vehicle repair shops or dealerships

Understanding the Requirements for an SBA Loan

Before you can get started with applying for a small business loan, you need to understand what’s required of you to go through the process. You should be prepared to talk about your business’s plan and current cash flow, along with how your daily operations are managed. While it can be a longer process to get an SBA loans, the benefits are worth it, as loans are amortized with no worries about paying a balloon amount at the end of your loan, and no repayment penalties if you choose to pay your loan off early. You can even use an SBA loan to finance your business’s equipment, which can be useful if your operations depend on reliable machinery to get the job done.

Approved equipment include:

  • Trucking equipment
  • Heavy or farm equipment
  • Manufacturing equipment and machinery
  • Medical equipment
  • Laundry equipment
  • Printing and binding equipment

In addition to longer repayment terms and up to 80 percent financing, you can finance even the largest projects with an SBA loan. With amounts up to $5 million, you should have no issues getting the financing your business needs to succeed.