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SBA 7(a) Loans in Lakewood: Rates, Requirements
Lakewood is a city located in Los Angeles County, California. As of the 2010 census, the city had a population of 80,048. Lakewood is a classic example of post-World War II suburbanization. The city's population density is 8,456.6 people per square mile. The median income for a household in the city is $78,832. The per capita income for the city is $32,102. The median home value in Lakewood is $449,100. The unemployment rate in Lakewood is 5.1%.
Lakewood is home to many small businesses. The top five sectors for small businesses in Lakewood are health care, retail, professional services, manufacturing, and food and beverage. The health care sector employs the most people, with over 4,000 employees. The retail sector is the second largest employer, with over 3,000 employees. The professional services sector employs over 2,000 people. The manufacturing sector employs over 1,500 people. The food and beverage sector employs over 1,000 people.
There are many reasons why small businesses thrive in Lakewood. The city has a strong economy, with a median household income of $78,832 and a per capita income of $32,102. The unemployment rate in Lakewood is 5.1%. The city is also home to many large businesses, which provide opportunities for small businesses to subcontract or provide services to them. Additionally, the city has a large population, with 80,048 people as of the 2010 census. This provides a large potential customer base for small businesses. Finally, the city is located in Los Angeles County, which is home to many other small businesses. This provides opportunities for networking and collaboration.
Comparing SBA Loan Types in Lakewood
Our Experts
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.
Looking for more information about Lakewood? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
Small Business Loans Available in Lakewood
There are several options for small business loans in Lakewood. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
1. SBA 7(a) Loans
The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.
2. SBA 504 Loans
The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.
3. SBA Express Loans
SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.
If you are interested in applying for a small business loan in Lakewood, we’ll match you with the best lender: Click here for a free quote.
Getting the Right Insurance for Your Property
If you own the property you operate out of, you'll need adequate insurance in place as part of the SBA financing process. Unfortunately, the cost of property insurance has shot up in recent years — and not just in the disaster-prone areas that may immediately come to mind.
Janover Insurance Group is happy to provide you with a free, zero-obligation quote on insuring the commercial real estate your business owns and occupies. Simply click here to get started.