Advantages of an SBA Loan

Advantages of an SBA Loan

Advantages of an SBA Loan

Are you starting your business, or do you need extra capital for a rebranding campaign? Globelend Capital is your best friend in these situations! An SBA loan would be a great asset to your finances. With immediate access to your money and a withdrawal limit of up to $5 million, your business will move to the next level in a short while. Moreover, the repayment period is 10-25 years with an interest rate between 4 – 8.25%, so there’s more than enough leeway to repay it with no stress involved.

If you’re interested in getting an SBA Loan from Globelend Capital, call us at (855) 842-5626 or use our application form!

Why Should I Get an SBA Loan?

SBA loans are devised to help you boost your business by a few notches. You can invest in new technology, create marketing campaigns, hire new personnel, or expand to other areas. Whatever your business needs to evolve, the SBA loan can help you get it. Moreover, it has very accessible requirements that make it one of the best loans you can get for your business.

Below are several ways you can use the SBA loan:

  • Operational business expenses
  • Hire new personnel
  • Refinance current business debt
  • Pay cash advances
  • Purchase new equipment
  • Refinance or acquire commercial real estate

Globelend Capital has two types of SBA loans on offer. The two address a vast selection of clients, with most small businesses being eligible for at least one type of SBA loan. Take a look at each type of SBA loan:

  • SBA 7 (a) for Debt Refinancing and Working Capital, between $30,000 to $5 million, and you don’t have to be profitable on your tax returns
  • SBA 504 (b) for Commercial Real Estate, between $500,000 to $5 million

By now, you should already know how to use the SBA loan for your business. You’ll gain access to a substantial sum of money that can completely transform your business from the ground up.

Am I Eligible for an SBA Loan?

Most small-sized businesses are eligible for the SBA 7(a) loan, with a select few being eligible for the SBA 504 (b) loan. Take a look below to see the requirements for both SBA loan types:

For SBA 7 (a):

  • The business must be older than two years old
  • The owner of the business must have a credit score of at least 650
  • The business owner must be a lawful citizen of the U.S or must possess a valid Permanent Residency and must not be younger than 21 years old
  • No pending tax issues
  • No foreclosures or bankruptcies in the previous three years
  • No recent settlements or charge-offs
  • Not currently financed by a government-related loan

For SBA 504 (b):

  • The business must be older than two years old
  • The owner of the business must have a credit score of at least 675
  • The business must be sited on real estate that is primarily occupied by the company. For instance, more than 51% of the square footage of the property must be used to cite and run the business
  • Adequate personal and business cash flow to fulfill all debt repayments – evidence of this claim must be backed by interim financial data and three years of tax returns

Even if you don’t qualify for an SBA loan, Globelend Capital offers advantageous Term Loans, Working Capital Loans, and Lines of Credit. They’re devised to help prospective business owners get a foothold in the market and put their mark on their respective industries.

If you’re interested in getting an SBA Loan from Globelend Capital, call us at (855) 842-5626 or use our application form!

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