What Can an SBA Loan Do for Your Business?
SBA loans are among the most useful tools for business owners. They offer significant flexibility at a relatively low cost. At JRF Financial, Inc., we have a lot of experience helping businesses to benefit completely from these excellent financial tools. One of the biggest advantages of a small business loan is that it can be customized entirely to your unique business needs.
How Can You Use a Small Business Loan?
The possibilities with SBA financing are practically endless. While there are a few requirements for how you spend the money, such as choosing an SBA 7(a) or 504 loan depending on the specific needs, you can generally decide how you want to employ the funds for your business. Here are a few possibilities:
- Business equipment: Equip your company with high-quality machinery and technology to last ages. Construction companies may use a small business loan to purchase a new excavator or backhoe. Printing businesses can use the loan to improve printing presses, computer systems or specialized software. Restaurants can outfit the front- and back-of-house areas with prep surfaces, appliances, ice-cream machines or payment processing systems.
- Real estate: Nothing has as big an effect on your sales as having your own business location. Owning a building lets you customize your operations to maximize productivity and minimize overhead costs. For example, service businesses can use a dedicated headquarters as a garage, repair area, warehouse, customer-service center, administrative headquarters and billing center all in one.
- Working capital: Many people don’t know that SBA financing can also include working capital loans. This working capital gives you even more freedom to grow your business. Use this financing to hire new employees, pay for digital marketing and more.
Each of these areas can be customized to your business, and the same loan can finance multiple needs. For example, if you already own a building, you can use a small business loan for remodeling projects or to add another warehouse. To learn more about this fascinating financing option for small businesses, contact our professionals right away.