Small Business Lending
…Is it for you?
Although the Small Business Administration (SBA) has been around for years, there are still several small business owners that don’t know it exists, and if they do know it exists, they are not very familiar with it.
The SBA loans can be used to purchase equipment, commercial real estate, and other items pertinent to your business. You can also obtain a loan for as little as 10% down. Here are a few key points to outline SBA loans. If you are interested in learning more, contact Brandon Vandermyde who is a Commercial Real Estate Expert in St. George, UT.
Tips
Here are a few quick points to help you understand the SBA loans a little better:
The SBA doesn’t’ make loans directly to the small business, it actually makes the loan to its partners (usually banks and credit unions) who will loan the money to the end user (the person/business) obtaining the loan. The SBA guarantees that these loans will be repaid, so it limits some of the risk to the banks/credit unions.
-The loans can take 30-60 days longer to obtain, depending on how complex the loan is.
-There isn’t much more paperwork in order to get the loan, as it is underwritten with the bank/credit union providing the other part of the loan.
-The SBA can usually approve the loan within 36 hours of the bank/credit union approving the loan
The rates are extremely competitive with other loans, but one of the main advantages is that in most cases, you are only required to put 10% down instead of the 20-40% required from a lot of institutions.
Contact Us
Contact Brandon Vandermyde with NAI Utah Southern for more information on the best SBA resources in St. George and Southern Utah.
