As a business owner, you should consider all available options when looking at loans. The specifics you want to address can change, so finding a loan program with multiple applications could give you the freedom to plan out whatever budget you need for expansion. If you haven’t thought about this before, here are some common concerns that SBA small business resources can help with:
- Preparing for new hires: Bloomberg recently reported on the cry for qualified job applicants, according to a June Business Optimism report from the National Federation of Independent Businesses. This source said that 15 percent of a group of surveyed business owners believe finding good labor is “their single most-important business problem.“
- Project financing: The SBA 504 can account for as much as 40 percent of the total cost of a project. While this is less than half, it can still be a significant boost to existing resources. Manufacturing loans can still gain as much as 5.5 million, so there is still some flexibility in how much capital the loan actually produces.
- Purchasing equipment: Replacing some old machinery or buying a completely new system? Either way, financing such a purchase can take serious capital. The loan you select can help you with this if your business is in the right sector. For example, the SBA 504 program accepts businesses from several industries, including industrial, manufacturing and service as eligible if they meet the other requirements.
There might be multiple ways in which a certain loan program can benefit your business. Whatever the case, consult Growth Capital for experienced guidance on your next loan request. Contact us or register with our mailing list for more information.