Posts tagged SBA Business Loans
SBA Loans for Laundromats and Dry Cleaners

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.

Read More
What are SBA International Trade Loans?

SBA International Trade Loans (ITLs) are a form of SBA-guaranteed export financing available for businesses who are involved in producing goods in the U.S. that will be involved in international trade, or to support businesses that have been negatively affected by international trade in recent years. SBA International Trade Loans have a maximum loan amount of $5 million, and provide the lender with a 90% loan guaranty.

Read More
SBA Loans for Plumbers

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.

Read More
Can You Use an SBA Loan to Buy an Online Business?

Do you need to have a physical office or sell goods and services in person to qualify for an SBA loan? The answer is no. Online and fully-remote companies are just as eligible for SBA loans as their traditional counterparts. However, they still have to prove that they have what it takes to qualify, including a good credit score, strong financials, and that they’re in an SBA-approved industry.

Read More
Can You Use An SBA Loan To Buy Part Of A Business?

Unfortunately for borrowers, SBA 7(a) loans cannot be used to purchase part of a business. Partial equity, earn outs, and employment arrangements are also generally prohibited. In addition, due to the SBA’s ban on employment arrangements, the seller may not stay on as a director, officer, shareholder, or essential employee of the business that they are selling. However, an SBA loan borrower is permitted to offer the seller a consulting agreement, but that agreement may not last any more than 12 months.

Read More
SBA 7(a) Loans for Tax Preparation Firms

With more than 121,000 tax preparation firms in the U.S. generating more than $10 billion in annual revenue, it’s safe to say that the tax prep industry is booming. Plus, SBA loan repayment data from the years 2000-2016 places three tax preparation firms as among 50 the best franchises to own in the U.S.; Jackson Hewitt Tax Service, H&R Block and Liberty Tax Service all had SBA loan repayment rates of more than 75% during that 16-year period. So, If you’re considering acquiring or expanding a tax prep firm, using a loan from the SBA 7(a) program could be a great solution.

Read More
SBA Loans for Computer Repair Companies

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.

Read More
Goodwill in Relation to SBA 7(a) Loans

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.

Read More
Can You Get an SBA 7(a) Loan for a Medical Center?

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.

Read More
Are there SBA Loans for Women Entrepreneurs?

According to the National Association of Women Business Owners (NAWBO), there are over 11.6 million women entrepreneurs across the U.S., generating approximately $1.7 in sales each year. And, just like other hardworking entrepreneurs, women need capital in order to start, maintain, and grow their businesses. Fortunately, the SBA has stepped in with several programs that can help women take their businesses to the next level. If you’re a woman business owner looking for SBA funding, this is what you need to know.

Read More
What is a Low-Doc SBA Loan?

If you’re a borrower who wants an SBA loan fast, a low-doc SBA loan could be the ideal solution. Unlike typical SBA 7(a) loans, which may require up to 2-3 months to be finalized, low-doc loans can be completely finalized within 45 days (or even sooner.) Low-doc loans offer borrowers between $25,000 and $150,000, which can be used to fund inventory, equipment, and working capital for small businesses.

Read More
Can a Non-U.S. Citizen Apply for an SBA Loan?

If you’re not a U.S. citizen, can you still qualify for an SBA loan for your small business? The answer is yes— but not in all cases. In general, legal permanent residents (LPRs), also known as green card holders, can qualify for SBA financing. However, if a borrower is not a legal permanent resident, things can get a little more complex.

Read More