How to Determine if an SBA Loan is Right for Your Business

Businesses of all sizes likely consider different ways they can fund their operations to grow or expand at one time or another. If your business is in the stage where you need to look at expanding your existing operations or need to make a large purchase, then you may be ready to look at the different options available to help you achieve your goals. Many small businesses have an added option of taking out a Small Business Loan, or SBA loan, to fund their operations. If your business is considered a small business, then you may want to take a look at this option, which has many benefits.

Industry Types

You may be wondering what exactly you can use an SBA loan for. These loans are great for many businesses but may not be the right fit for others. If you’re interested in financing commercial, industrial or real estate properties, then an SBA loan may be the right fit. Here are just a couple examples of the different business types that may qualify for an SBA loan.

  • Hotels, motels and other hospitality businesses
  • Daycares
  • Car dealerships, gas stations and repair shops
  • Veterinary practices
  • Single-purpose buildings and other non-conforming properties

If your business doesn’t fit into one of these categories, it doesn’t necessarily mean you don’t qualify for an SBA loan. You will want to talk to our helpful professionals to help you determine if an SBA loan is right for your business type.

What you Can Fund

In addition to meeting certain industry criteria, to qualify for an SBA loan, your business must also be seeking capital to fund specific things, such as equipment purchases or upgrades. Here are a few examples of the types of equipment that SBA loans cover.

  • Heavy equipment
  • Printing and binding machines
  • Laundromat and dry cleaning equipment
  • Trucking equipment
  • Medical and diagnostic equipment

With the right financing, you can expand your existing operations and help your business grow and succeed. Contact us today to find out more about SBA loans and how we can help your business.