SBA 7(a) Loans in Downey: Rates, Requirements
Downey is a city located in southeast Los Angeles County, California, United States, 13mi southeast of downtown Los Angeles. It is considered part of the Gateway Cities. The city is the birthplace of the Apollo space program and is the hometown of Richard and Karen Carpenter. It is also the home of the oldest still operational McDonald's restaurant in the world. As of the 2010 census, the city had a total population of 111,772.
Downey's economy is driven by a mix of retail, manufacturing, and service industries. The top employers in the city are Downey Regional Medical Center, Kaiser Permanente, and the Downey Unified School District. The city's largest retail employers are Stonewood Center and the Downey Landing shopping center. Downey is also home to a number of manufacturing and distribution companies, including Coca-Cola, Frito-Lay, and Boeing.
Small businesses are a vital part of Downey's economy, accounting for nearly one-third of all businesses in the city. The most popular industries for small businesses in Downey are retail trade, health care, and food services. Downey's small business community is served by a number of organizations, including the Downey Chamber of Commerce and the Small Business Development Center.
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, in Florida.
Looking for more information about Downey? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
SBA Loans Comparison Table
Small Business Loans Available in Downey
There are several options for small business loans in Downey. 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 Loan
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 20 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 $350,000, the application turnaround time is just 36 hours. 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.
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