Small Business Loan Solutions From the SBA
If you are looking for long-term loans that let you really invest in your business, you probably already know that the Small Business Administration makes great loans possible for a wide variety of small businesses. You might also know that by applying with preferred providers, you can shorten the length of time it takes to get your determination. What you might not realize is that Norris Commercial Capital is a preferred provider of SBA loans with the ability to streamline your determination process.
Commercial Real Estate Loans
If you are looking to buy facilities for your business, small business loan opportunities through the Administration abound. Companies need to occupy the majority of the square footage when they purchase through the program, but some floor space rental is allowed. Financing is available for a wide variety of building types:
- Warehoused and industrial space
- Office buildings
- Gas stations
- Auto repair shops
- Auto dealerships
The SBA also allows for loans that will help with the acquisition of an existing business, provided it has healthy financials. The business needs to generate an annual income below $1.25 million per year, and the loan can carry an LTV of up to 80 percent, with 15 year terms. That gives you the opportunity to invest in a business without worrying about managing your overhead.
These might be the most popular small business loan packages from the Administration. Equipment loans have terms up to 25 years, along with amortizing payments and a fixed interest rate. That lets you achieve a return on your investment quickly while directing most of your funds into your future growth. Loans this powerful don’t come along every day.
For more information about the Small Business Administration’s requirements for borrowers or to start an application, contact us today.
North Carolina is the 28th largest state in the U.S. and the 9th most populous state. North Carolina is also home to a large financial center, second only to NYC. Winston-Salem, NC is home to such sites as Tanglewood Park, the Reynolda House Museum of Arts, the Wake Forest Innovation Center, and much more. Industries in North Carolina include healthcare, construction, hospitality, manufacturing, tourism, agriculture, freight, and engineering. To assist in growing businesses throughout North Carolina, we offer these various business resources to help get you to the information your business can use to help succeed.