SBA Loans and Commercial Real Estate, Here Are the Facts
Many start ups face issues when it comes to commercial real estate. They may find that the financing necessary to purchase the land or building they need to start their business is more expensive than they can afford. Sometimes there is a hefty down payment necessary that just isn’t possible, or the interest rate may be too high. There are options, however.
The Small Business Administration’s 7a Loan Program
This program can be used for many types of start up costs, including working capital. Many people do not realize it can also be used for commercial real estate. Commercial real estate loan rates are not always friendly, but this program allows for competitive rates and 100% financing, making it easier for many to get their small business up and running.
How to Apply
The SBA has a long list of lenders that work with them relating to the 7a program. Before you ever approach a lender, have a solid, well researched and well written business plan prepared in a professional manner. Even if they don’t initially ask for it, the plan can be used long after financing is obtained in an effort to keep your business on the right track.
First impressions count. How you look, how you sound, and how you handle the application process every step of the way matters. Do what is asked, meet all application deadlines, turn in everything asked for, ask questions if you do not understand, and basically handle the red tape like a champ.
When it comes to finding SBA lenders to go through when looking for a 7a loan, Biz2Credit has got your back. There are many of them in our network, and each one has various other options as well so that you can be certain you will find the perfect commercial real estate loan rates and lenders for you. Visit Biz2Credit today to get started.