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Government business loan financing can be obtained by applying for an SBA 7(a) loan. Not only is this an SBA backed program, but also these SBA loans offer competitive rates and tend to have longer terms, no points, no balloon payments, terms typically under 15 years and no pre-pay penalties. These loans can be used for a variety of things including working capital, equipment, machinery, real estate, renovations, refinancing, and many others. The maturity for the loan is typically around 10 years for working capital and 25 years for assets.
The funding obtained via the SBA 7(a) loan may be used to:
- Finance various leasehold improvements
- Purchase commercial real estate
- Purchase new machinery, equipment, computers and fixtures
- Finance receivables and/or augment working capital
- Refinance existing debt
- Provide seasonal lines of credit
- Construct commercial buildings
- Acquire a new business or franchise opportunity
- Purchase more inventory to meet increasing sales
- Build new, expand or renovate existing facilities
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