Small businesses like yours often struggle to get sufficient financing at a reasonable rate. The Small Business Administration works with lenders like Prosper Lending to provide a better option. These loans offer reduced interest rates and better terms compared to what you may otherwise qualify for. We can help you secure a loan quickly and with excellent terms.
Loan Characteristics
These small business loans are offered under the 504 and 7a programs. They come with fixed or variable rates respectively. Typically, the term can be up to 25 years and the amount can be up to $5 million. They are secured against collateral, but the government will guarantee a large portion of the loan amount. The loans are amortized with no ballooning and no penalties for early payment.
Make Your Real Estate Goals a Reality
One of the most common uses for an SBA loan is to cover the cost of purchasing, renovating or refinancing real estate. These loans can only be used for owner-occupied or hospitality properties. These are a few examples of the types of properties you could use a loan for:
- Offices
- Hotels and motels
- Automotive facilities
- Healthcare facilities
- Veterinary practices
- Childcare facilities
- Single-purpose buildings
- Nonconforming properties
Buy Equipment
Another common use for a small business loan is to cover the cost of buying new equipment. These are some examples of what you could purchase:
- Production machinery
- Vehicles
- Heavy Equipment
- Diagnostic tools
- Laundry equipment
- Medical equipment
Acquire Another Business
Do you need funds to acquire a competitor or buy out a business partner? That could be a great way to use a Small Business Administration loan. These loans typically have a 15-year term. You can become prequalified quickly. We will primarily examine the business’s cash flow and management.
Learn More
Contact Prosper Lending today to learn more about SBA loans. We are happy to discuss whether this type of loan could work for your business.
Get Started Today
Fill out the form below or give us a call at 412-818-0083 to prequalify for an SBA Loan