Access to capital is the lifeblood of any small business. Without it, most entrepreneurs would not be able to start new businesses or grow existing ones.
Borrowing money is often a high hurdle for start-ups because they may lack business ownership and management experience financial institutions require prior to lending.
One of the best sources for start-ups to borrow funds iis the Small Business Administrations 7(a) and 504 loan programs.
SBA lenders are authorized for loan amounts of between $150,000 and $5.0 million.
Loan proceeds can be used for working capital, real estate, ground-up construction, equipment, inventory, acquisition, and refinance.
Principal requirements to obtain financing are excellent market opportunity and management team with knowledge and skill to deliver the business model.
First step in obtaining SBA loan is to meet with the potential new lender. Have the following ready for this meeting.
- Carwash study containing market analysis, sales projections, and financial analysis
Pre-qualification is a crucial step in getting pre-approved for a loan.
As an authorized lending referral source, we can help you navigate the process.
To learn more, please contact us at 727-723-9474