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SBA 7(a) V. SBA 504 – What’s the Difference?
The SBA lending program is a wonderful way to get financing fast with competitive terms and unique benefits. One advantage of the program is that it is not a one-size-fits-all solution. There are multiple loan options within the program to choose from. The key is determining which option fits your business needs the best.
By understanding your options, you can choose a loan that addresses immediate needs as well as future growth. Maybe you need financing to purchase commercial real estate, start construction on a building for your business, or maybe you have a wide range of business expenses to cover in order to start your business. Whatever your specific needs, there’s an SBA option for you!
Things to Consider When Choosing an SBA Lending Partner
As a small business owner, there will come a time in the life cycle of your business where you will need additional financing. The process can seem intimidating, but it all starts with choosing the right lending partner. Too often, business owners focus on the money and don’t think about the lender they’ll be working with. The right lending partner can make all the difference in what can be an arduous process. You want someone who will get to know your business and consider your long-term goals as well as current needs. Choosing the right lending partner is one of the best ways to set your business up for success!
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