Whether you’re starting a new business or looking to expand your growing organization, a small business loan from the Small Business Administration is a good opportunity to get the financing that works for you. The SBA requires you to work with preferred lenders when obtaining a loan through their process. 2 Good Capital is designated to assist you through the loan application procedures, for fast and efficient processing to get you back to business quickly.
Qualifications for a Loan
The SBA offers different loan programs. It does not directly make the loan, but it sets guidelines for small businesses, which puts you a level playing field when approaching the lender. There are requirements for this type of loan. Your business cannot be too large and it must be in a for-profit industry. Your business, you, and your partners will have to meet the credit qualifications of the lender, but the terms are typically very reasonable and affordable. You receive the same competitive rates that bigger business do, even though you don’t have the same backers.
Benefits of a Loan From the Small Business Administration
- Government-sponsored loan guarantees
- Long terms
- Fixed and variable rates
- No balloon payments
- Personalized service
- Up to 90 percent financing
Funding Available for Many Needs
Although many loans through the Small Business Administration are for startups, they can be used for other business needs. You may even find a debt consolidation loan or equipment acquisition. One type of loan can be applied towards construction costs or even a first or second mortgage. With commercial real estate, it must be partially occupied by the borrower.
Discuss your needs with one of our qualified funding specialists. We want to help you get the financing and working capital that helps you expand and grow. Small businesses are the life blood of many communities. The Small Business Administration is there to help you improve the economy of your town. A small business loan is just the ticket when you’re ready to make a bigger investment into your organization.