Using an SBA-Backed Small Business Loan To Improve Your Business
Most small business owners understand that there are many different kinds of commercial finance, each useful for a different situation and with unique benefits. The key to making your small business loan as successful as possible is choosing the right kind. One of the most appealing options is having the Small Business Administration back your loan. These SBA-backed loans are incredible beneficial and are more accessible and safe than a traditional loan. At Capner Business Capital, we specialize in 504 and 7a loans. We are able to help you with every aspect of receiving your commercial finance, from the application to approval. Learn more about how the Small Business Administration can back your loan.
The Benefit of Backed Loans
One of the best aspects about backed loans is that nearly every area of the loan improves. The most significant improvement is the amount of financing that you can receive, which opens up new opportunities to grow and expand your business. Additionally, even smaller business can be approved than would otherwise be possible. Even very small businesses can still receive an impressively large amount of working capital.
Another aspect that having the SBA back your loan can improve is the application process. It is surprisingly easier to be approved for this kind of loan, rather than harder. This is because the necessary qualifications are reduced. In some cases, little or no collateral is required. The amount of paperwork required is likewise reduced.
Using Your Small Business Loan
Once you receive your working capital, it is up to you to decide what the best way to utilize it is. Some of the most common options include:
- Providing special training to staff
- Increasing your marketing budget
- Refinancing or consolidate debt
- Purchasing or lease new equipment
- Expanding to a second location
If you think an SBA-backed loan is right for your business, give Capner Business Capital a call today.