Commercial funding USA
has bets and enthusiastic people who work in commercial finance. We ensure
people that we provide them the best combination of business loans and
innovative financial products for business.
Business SBA 7a loan is the best option when
you want business or working capital. It takes 60 to 90 days for getting a
loan. SBA loan’s finalizing time depends on the lender’s timeline. This process
doesn’t take much time but 1 to 2 months is taken but if your amount is large
then it can take more time. You can get a loan up to $5 million. The limit for
the borrower is $3, 75,000 and he cannot exceed the limit. For real estate
acquisition and construction up to 25 years of maturity is given. You should
check your eligibility before applying for the loan. After that choose a
program then find a lender, collect all the papers, fill the application and
the required forms. Your business should be 3 years old and the business
owner’s credit score should be 675 then only you are eligible for real estate
loan.
Business SBA 504 loans are also known as
certified development company program which is designed to give financing for
the purchase of fixed assets (real estates, building, and machinery) as these
can be brought at a lower price than the market price. This works by
distributing loans between three parties. You should the eligibility
requirements if you want to get this loan; your business should be a
profit-oriented nonpublic trade company. You should have a green card or
51%ownership of the company. SBA 504 loan takes 30 to 40 days for approval from
the day of applying. In some cases, it can also take 1 to 6 months. 504 loans
are the dual approval loan that involves SBA and CDC.
Small business lenders
are the partners with government business loans and they get a loan from banks
and direct lenders. These loans have low-interest rates and are long terms so
that the aspiring business owners can start the business, expand the business
or buy equipment or any real estate. You should keep a check on your local or
state government for local loan opportunities. You should that you are eligible
for the loan or not:
·
Build credit score
·
Collect financial and legal documents
·
Develop business plans
·
Provide collateral
