SBA 7(a) Loans in Longmont: Rates, Requirements
Longmont is a city in Boulder County, Colorado, United States. The population was 86,270 at the 2010 census. Longmont is located northeast of the county seat of Boulder and 33 miles (53 km) north-northwest of the Colorado State Capitol in Denver.
Longmont's economy is based on a mix of manufacturing, hi-tech, retail trade, and agriculture. The city is home to several manufacturing companies, including Seagate, DigitalGlobe, and Amgen. Hi-tech companies such as IBM, Ball Aerospace & Technologies, and LGS Innovations have a presence in the city. Retail trade is a major part of the economy, with the city's main retail corridor located along U.S. Highway 287. Agriculture is also an important part of the economy, with the city being a major center for the production of sugar beets in Colorado.
The city is also home to a number of small businesses. According to the Longmont Economic Development Partnership, there are over 4,000 small businesses in the city, accounting for over 15% of the city's workforce. The top five sectors for small businesses in the city are professional services, retail trade, manufacturing, health care, and agriculture.
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 Longmont? 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 Longmont
There are several options for small business loans in Longmont. 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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