Commercial cleaning loan is a loan that covers expenses related to starting a commercial cleaning business. Loans that will cover such expenses are typically classified as business loans. You can obtain a loan from a private lender or from private loan companies that are backed by the Small Business Administration (SBA).
Preparing to Apply for a Loan
Before you apply, you need to figure out exactly how much money you will need. Be sure the account for all debt. Regardless of where you apply for the loan, you will need to be able to present a business plan explaining exactly how you are going to spend the monies from the loan and how you would go about paying it back. Other requirements vary depending on the loan.
These are privately lending companies that are properly licensed in your state. While they may offer more money than government-affiliated programs, they will reject you if you have less-than-perfect credit history. Be careful when choosing this option because these lenders tend to have higher rates and fees.
SBA 7(a) Loan
The SBA 7a loan is provided by private lenders under the SBA-run 7(a) loan guarantee program. Under this program, private businesses issue loans that are backed by the US government. This loan is designed to shield participating lenders from risk, which, in turn, encourages them to use less stringent requirements then they otherwise would.
This product places a greater emphasis on your personal history. You must demonstrate your willingness to pay debts and that you have a good record as a member of your community.
You can use an SBA 7(a) loan to purchase or buildings, as well as supplies and equipment. You may also use it for long-term and short-term working capital.
Patriot Express Loan
A variant of above, this loan is specifically geared towards veterans. You may also be eligible if your spouse was a member of the military and died in action.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?
Make sure you know you are pre-qualified before you apply. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.