Whether your business needs working capital, new office space, or manufacturing equipment, securing a loan is often the first step. Finding the right lender and the right loan for your business can be confusing and exhausting. Fortunately, Community Business Finance offers SBA loans that can help you get your business started or grow your operations.
At Community Business Finance, we offer both popular SBA loan guarantee programs: 504 and 7(a). While both programs require in depth business plans, they are designed for different business needs, with different goals in mind. The 504 loan is intended for economic development; therefore, its use is restricted to real-estate and fixed asset purchases, as these could promote job creation. The 7(a) loan can be used for working capital for almost any business expense. The 7(a) loan can also be used for real-estate loans, but the 504 loan is better suited for this need.
Before renewing the lease on your office space, have you considered the advantages of owning your business property? It can have a significant impact on your business. There are many benefits to owning office space. Owning offers control, consistency, and financial advantages that leasing cannot provide.
Everyone, it seems, is talking about the historically low interest rates available today. What does this mean for your business? If you are looking to invest in your business property or equipment, it is very good news.
There are two different types of loan rates: Fixed and variable (or adjustable). With a variable-rate loan, the interest rate fluctuates along with changes in the market interest rates. This means your monthly payments will vary, either rising or falling according to current market rates.