What Is SBA Working Capital Loans?
SBA Working Capital Loans
Business owners who cannot obtain loans from banks or other lenders should consider the Small Business Administration working capital loans. The SBA has a program available that allows entrepreneurs to acquire working capital for their businesses. The minimum amount is $30,000, and the maximum amount is $350,000. The average loan amount is around $50,000. These loans are excellent for companies trying to get off the ground; these loans can be an excellent way to secure financing.
Once a working capital loan is acquired, the proceeds can be used to include working capital, payroll, inventory, marketing, finance receivables, bookkeeping, legal fees, hiring, refinance existing debt, and new equipment purchase. It cannot be used for construction and acquisitions.
As far as repayment, the business owner will be given ten years to pay back the loan in full. Interest rates are based on the loans. Monthly payments are debited from your checking account.
Some industries are ineligible for this loan listed below: Banks, Bail Bond Companies, Direct Lenders, Factoring Companies, Farms, Gas Stations, Gambling, Investment Companies, Life Insurance Companies, Non-Profits, Other business whose stock in trade is money, Pornography, and Tobacco-related businesses.
Contact Innovation Commercial Capital to learn more at email@example.com