Many small businesses expect upticks in the final three months of the year, as the holiday rush drives more consumers to the store. This is also a time for other preparations, which could tax entrepreneurs’ budgets and leave them looking for the necessary funds. With enough planning and an appropriate loan program, the daunting aspects of renovating an old space or opening a new one could prove less challenging.
Before starting a business, the Small Business Administration advises entrepreneurs to put their costs in different categories. Which expenses are inflexible, and which are optional? This could also factor into the considerations for a loan program such as the SBA 504.
Renovations can be more feasible with the help of an SBA 504 loan.Some of the uses for the 504 include:
- Façades: The time before a new year could be perfect for a business to redesign its exterior. With the 504 program, façades are just one part of the building improvements this program could apply to, with others including structural improvements, such as plumbing and electrical.
- Title searches: Verifying a new building entirely can be a complicated process that needs proper research, including title concerns. This can support the need for new structures or property changes so businesses feel confident about their purchases.
- Exterior improvements: A renovation doesn’t have to be all on the inside. Streets and parking lots can be subjects of these programs, falling under the category of “Land and Necessary Improvements,” as seen here.
A renovation also requires businesses to visualize what new elements will look like, based on new additions to the property. This costs money as well and can require surveying and modeling to make the right judgment.
Whether you’re purchasing more land for your business or simply adding brand-new machinery, the SBA 504 is versatile enough to cover several different areas. Learn how to get and Ohio SBA loan when you contact Growth Capital.