Are you starting your business, or do you need extra capital for a rebranding campaign? Globelend Capital is an invaluable resource in these scenarios! An SBA loan would be a tremendous 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 10to25 years with an interest rate between 4% and 8.25%, so there’s more than enough leeway to repay it with no stress involved.
Why Should I Get an SBA Loan?
SBA loans aim to enhance your business performance. 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, its low requirements make it one of the best business loans available.
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 and $5 million, does not require you to be profitable on your tax returns.
– SBA 504 (b) for Commercial Real Estate, between $500,000 and $5 million
By now, you should already know how to use the SBA loan for your business. Access to a substantial sum of money can completely transform your business from its foundation.
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.
– 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
– There have been 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.
– The owner of the business must have a credit score of at least 675.
The business must be located on real estate that the company primarily occupies. For instance, the business must occupy more than 51% of the property’s square footage.
– 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!