If you are interested in reducing your overhead costs, don’t forget the advantages of Small Business Administration (SBA) loans. With an SBA loan, small businesses can obtain financing for not only purchasing real estate or expanding existing facilities, but also to refinance your current debt structure.
The benefits of an SBA loan can add up to real money. They include:
- Increased loan-to-value financing
- No balloon payments or points
- Longer amortization periods
- Lower initial capital outlay
If you aren’t familiar with SBA loans, you may be concerned about the process being more complicated and cumbersome that a typical bank loan, but the truth is that they’re not nearly as difficult to get as you may have thought. In fact, the application procedure required for an SBA loan is similar to a conventional business loan – both require business and personal tax returns, financial statements, and a handful of forms to fill out. In addition, the timeline for processing and funding an SBA loan is comparable to a conventional loan – typically 60 days, and sometimes as few as four to six weeks.
The key is to work with a Preferred Lender, a bank or lending institution that has been given the authority to make loan decisions on behalf of the government and can move you through the loan process quickly and efficiently. This is where Weston can help. With our years of relationships with local banks and lending institutions, we can put you in touch with the right people. Please feel free to contact us to assist you with your real estate needs.
Written by: Suzanne Asher Broadbent, Director of Sales and Marketing, Weston Inc.