How a SBA-Backed Small Business Loan Is Different
Most small business owners know how beneficial a small business loan can be. Of course, many business owners are also hesitant to apply, out of fear of accumulating debt or being rejected. There is a special kind of loan financing that is designed to be as beneficial and accessible as possible while reducing all the risks. This is the SBA-backed loan. Specifically, that is a loan backed by the Small Business Administration. By having them back your loan, you can take advantage of many benefits that simply do not apply to traditional financing. Learn more about how Legendary Capital Solutions can help you qualify for a 504 or 7a loan.
Small Business Administration Backed Loans
So what are these benefits that you can take advantage of? It turns out that nearly every aspect of the loan improves. First of all, the application process is simpler and easier. In many cases, less or no collateral is required due to it being a backed loan. Nearly all the time, there is actually less paperwork required and the time to receive your working capital is reduced.
Additionally, the amount of capital you can gain increases. This allows you to undertake even bigger and more exciting projects, with the potential for bigger improvements in monthly profit. Also, even smaller businesses can be approved than would otherwise be possible. These two facts together mean that even very small businesses can receive an impressive amount of working capital. Having the Small Business Administration back your loan really is one of the most beneficial ways to get the capital you need to improve your business.
Using Your Small Business Loan
There are many ways you can put your new capital to good use. Consider these possibilities:
- Purchase or lease new equipment
- Provide special training to staff
- Increase your marketing budget
- Expand to a second location
- Refinance or consolidate debt
Give Legendary Capital Solutions a call to get started today.