Do I Qualify for an SBA 7(a) Loan?

The SBA7a loan, backed by the Small Business Administration, has made it easier for new borrowers and so-called “weak” borrowers to secure the capital that they need to open a small business. But as with most other loans, borrowers still have to be able to come up with a down payment.

For many entrepreneurs, figuring out how to finance their plans is just as difficult as figuring out those plans in the first place. For that, online commercial loan calculators are an incredibly valuable resource.

Commercial real estate lending isn’t rocket science. But the lack of resources out there on the topic certainly make it feel that way, sometimes. That’s why we’ve designed this infographic to break it down into logical steps.

When you’re in the market for a business loan, getting access to the funds you need quickly is definitely a priority. If you work with an SBA Preferred Lender, you’ll get your loan processed far faster than working with another lender.

In 2017, laundromats and dry cleaners generated $14 billion of revenue and employed nearly 200,000 workers across the U.S. While the industry has faced serious threats due to shifting consumer preferences and an increase in in-home laundry machines, there’s still a huge demand for laundry and dry cleaning services, especially in certain markets.

In 2017, the U.S. computer and electronics repair industry took in $18 billion of revenue and employed nearly 140,000 workers across the country. While the industry has been challenged by the reduced costs of electronics, companies in the right market can still take in a big profit. So, if you’re looking for financing to open, expand, or refinance business debt on a computer repair company, an SBA loan could be the perfect option.

In the United States, the heating and cooling (HVAC) industry generates approximately $93 billion in revenue each year, and employs more than 50,000 workers across the country. If you own or operate an HVAC business and you need funding to maintain or grow your firm, getting an SBA loan could be a great solution.

The U.S. plumbing industry generates more than $100 billion in revenue each year, and employs nearly 500,000 Americans, making it an essential facet of the U.S. economy. If you own a plumbing business, and you want to expand your company, buy a competitor, or refinance business debt, getting SBA financing could be one of the best way to do so.

Goodwill is an intangible asset that arises when a new owner purchases a business. Goodwill only arises when the new owner purchases the business for more than the tangible and intangible assets, minus the business’s liabilities. In general, SBA loans limit the amount of goodwill involved in a business acquisition, as the more goodwill involved in a transaction, the riskier it is for both the lender and the borrower.

Americans spent over $3 trillion on healthcare in 2016 alone, making it one of the largest industries in the entire country. And, while much of the industry is dominated by large public and private hospitals, as well as doctors’ offices, smaller, private medical centers also occupy an important market niche. And, if you own (or want to own) an independent outpatient medical center, a small surgery clinic, or an ultrasound/MRI center, an SBA 7(a) loan could be a great way to get the financing you need to start, maintain, and grow your business.